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ONGC board approves group restructuring options

ONGC board approves group restructuring options

The Board of Directors of Oil and Natural Gas Corporation (ONGC) has accorded its in-principal approval for exploring options for restructuring of ONGC group companies. The includes the merger of ONGC's subsidiaries Mangalore Refinery and Petrochemicals (MRPL) and Hindustan Petroleum Corporation.

ONGC is India's largest oil and gas producer, having several subsidiaries and joint ventures which include MRPL, HPCL and two petrochemicals units - ONGC Petro additions and ONGC Mangalore Petrochemicals. It also has an overseas investment arm ONGC Videsh.

In a regulatory filing the company informed, "The board of directors of ONGC, at the 308th meeting held on June 29, accorded its in-principle approval for exploring options for the restructuring of ONGC group companies." ONGC through MPRL operates a 15 million tonnes a year refinery at Mangalore in Karnataka.  Its subsidiary HPCL has two refineries at Mumbai and Vizag.  OPaL has constructed Rs 32,000 crore petrochemical complex at Dahej, Gujarat while it operates 726 MW power plant at Palatana in Tripura through ONGC Tripura Power Co Ltd.

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