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Board of Oil & Natural Gas Corpn approves divestment of 49% stake in ONGC Mangalore Petrochemicals

Capital Market 

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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, November 06 2020. 19:38 IST