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HPCL, MRPL boards set to take up the proposal for merger by August

The Mangalore refiner is yet to meet the Sebi norm of minimum 25% public shareholding by August 21

Shine Jacob  |  New Delhi 

oil refinery, oil, gas

The boards of and Petrochemicals (MRPL) and (HPCL) are set to take up the proposal for merger of the two by August. After the acquisition of majority stake in the by (ONGC), it was expected that may look at further synergy in business by merging the two subsidiaries.

“The boards of these are set to take up the merger proposal with in two months,” said Shashi Shankar, chairman of the To complete the deal, the has three options before it. It can either buyout ONGC’s shares or go for a share-swap deal and can go for a combination of both these options. The Mangalore refiner is yet to meet the Sebi norm of minimum 25 per cent by August 21.

First Published: Tue, June 26 2018. 01:36 IST
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