Mangalore Refinery and Petrochemicals Limited (MRPL) disclosed to stock exchanges on Thursday that its joint venture, ONGC Petrochemicals Marketing Limited (OPML), was incorporated as a public limited company on October 7, 2026. MRPL’s shares closed down 5.01 per cent at ₹173.70 on NSE, against a market capitalisation of ₹30,468.93 crore.
OPML has an authorised and subscribed share capital of ₹50 crore, divided into 5 crore equity shares of ₹10 each. The three promoters — ONGC, MRPL and ONGC Petro additions Limited (OPaL) — hold stakes in the ratio of 50:25:25. MRPL and its nominee shareholders have subscribed ₹12.5 crore to acquire 1,25,00,000 equity shares, representing a 25 per cent stake.
The new company will handle integrated marketing and trading of petrochemicals, chemicals and related products for the ONGC Group, covering branding, pricing, distribution, logistics, customer management and sales planning. The disclosure noted that the move aligns with the group’s existing downstream and petrochemicals operations.
The Department of Investment and Public Asset Management under the Ministry of Finance granted regulatory approvals before incorporation. The Registrar of Companies under the Ministry of Corporate Affairs issued the Certificate of Incorporation on October 7, 2026.