Board of Oil & Natural Gas Corpn approves divestment of 49% stake in ONGC Mangalore Petrochemicals
At meeting held on 06 November 2020
The Board of Oil & Natural Gas Corpn at its meeting held on 06 November 2020 has approved sale of 1,24,66,53,746 equity shares of Rs.10/- each representing 48.998% equity stake in ONGC Mangalore Petrochemicals (OMPL), to Mangalore Refinery & Petrochemicals (MRPL), a subsidiary of the Company and thereby exiting from OMPL.ONGC's divestment of stake in OMPL would pave way for smooth integration/merger of OMPL with MRPL and around 80% value in OMPL stake would vest with ONGC. This will also pave way for further integration within ONGC Group and value creation.
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First Published: Nov 06 2020 | 7:38 PM IST