Mangalore Refinery & Petrochemicals Limited (MRPL) is involved in the petrochemical business, refining crude oil, trading of aviation fuels and distribution of petroleum products. MRPL is a wholly-owned subsidiary of Oil and Natural Gas Company Ltd (ONGC)._x000D_ _x000D_ It is a Category 1 Miniratna Central Public Sector Enterprise under the Ministry of Petroleum & Natural Gas.  The company was set up as a joint venture (JV) between the AV Birla Group and Hindustan Petroleum Corporation Limited (HPCL) in 1988.  The company was listed on the stock exchange in 1992 after an Initial Public Offering (IPO)._x000D_ _x000D_ It continued its growth prospects by entering First World markets with petro-products like Motor Spirit in 2000. ONGC acquired a 37.38% equity stake in the company and further infused equity capital of ₹600 crores, thus making MRPL a majority-held subsidiary of ONGC in 2003._x000D_ _x000D_ In 2008, MRPL entered into an agreement to form a Joint Venture with Shell for domestic marketing of Aviation Fuel. The company invested ₹11,000 cr to hit 25 mt refining capacity in 2016._x000D_ _x000D_ MRPL won the PRCI Zonal Award for Best PSU implementing CSR for Social Cause in 2022. In 2023, the company won the prestigious Platinum award from the Grow Care India Sustainability Award 2022._x000D_ _x000D_ As of March 2023, the company’s Polypropylene (PP) Production has once again achieved the 440 KTPA Nameplate capacity with annual PP Sales of 434 KTPA.  The company has continuously expanded its polymer footprints in the country by targeting Northern and Eastern locations to garner more volumes. It appointed 5 additional DCA cum CS to sustain and increase MRP L's Market share in the core areas._x000D_ _x000D_ During 2023, the company’s joint venture Shell MRPL Aviation Fuel and Services Limited has steadily acquired business for the sale of Aviation Turbine Fuel (ATF) at Indian airports. The company achieved a turnover of ₹1,633.39 cr against ₹673.19 cr in FY 2022._x000D_

Business Segment

_x000D_ Petroleum Products: As of March 31, 2023, the company has reported Petroleum Products as the only business segment. The company deals in the sale of products such as Bitumen, Diesel, Sulphur, Petcoke, ATF (thru' JV), Polypropylene, Xylol (Xylenes) etc._x000D_

Management Outlook

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• The company believes that crude oil will continue to serve the country's base load in the next decade.
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• In addition, a burgeoning middle class and increasing urban consumption create a high demand for petrochemicals. The present petrochemical consumption of India is about one-third of the global average.
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• The company is optimistic about its domain expertise for molecule management and valorization. In addition, it is focused on the acquisition of land for the next phase of growth while water requirement is being secured through desalination. Moreover, the company is exploring modern technologies for integration with its existing assets.
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