On Thursday, Mangalore Refinary and Petrochemicals Ltd (MRPL) said that it will acquire a USD 1 billion petrochemical plant that is adjacent to its refinery in Karnataka.

The company said in a statement, “MRPL’s Board has approved the integration /restructuring of ONGC Mangalore Petrochemicals Ltd (OMPL)”.

MRPL recently has raised its stake in ONGC Mangalore Petrochemicals Ltd (OMPL) which is setting up an aromatic complex adjacent to the Mangalore Refinery at a cost of Rs 6,400 crore to 51 percent and now it will acquire remaining shares.

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