Mangalore Refinery and Petrochemicals Limited (BSE:500109) (MRPL) has said there is no proposal for the merger of MRPL with Hindustan Petroleum Corporation Limited (NSEI:HINDPETRO) (HPCL). Replying to the queries of shareholders at the 36th annual general meeting of the company on the virtual platform on August 22, 2024, M Shyamprasad Kamath, Managing Director of MRPL, said MRPL, being a subsidiary of ONGC, will be directed by the decisions and the directions coming from its parent. Referring to the statement made by the Union Minister of State for Petroleum and Natural Gas, Suresh Gopi, in Rajya Sabha recently, he said the company understands there is currently no proposal under consideration for a merger between MRPL and HPCL.
In a written reply in the Rajya Sabha recently, Suresh Gopi said that the merger of organizations is based on business requirements, feasibility, and economic considerations. The Minister replied: ?There is no proposal at present under consideration for the merger of MRPL with HPCL".
