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Mangalore Refinery And Petrochemicals Ltd. Company History and Annual Growth Details

1988

- The Company was incorporated on 7th March, pursuant to a Memorandum of Understanding (MOU) dated 26th June, 1987 executed between the President of India representing the Government of India (GOI), Hindustan Petroleum Corporation Limited (HPCL) and Indian Rayon & Industries Limited (IRIL) for the purpose of setting up a refinery at Mangalore in the state of Karnataka.

- The Company obtained the Certificate of Commencement of business on 2nd August, from the Registrar of Companies, Karnataka and subsequently the Letter of Intent from the Government India.

- The Company was promoted by Hindustan Petroleum Corporation Ltd., Indian Rayon and Industries Ltd., Grasim Industries Limited, Hindalco Industries Ltd., and Indo Gulf Fertilisers and Chemicals Corp. Ltd.,

1993

- The Company has made a mega Public Issue consisting 4,31,60,000 16% Secured Redeemable Partly Convertible Debentures (PCDs) of Rs.135/- each aggregating to Rs.582.66 crores and 2,80,00,000/- 17.5% Secure Redeemable Non Convertible Debentures of Rs.200/- each (with detachable Equity Warrants) aggregating to Rs.560 crores.

- The Company has already tied up the entire Foreign Exchange requirements of the project.

- The Company has tied up process technologies with internationally reputed technology suppliers.

1995

- The Company had already tied up the entire funds required for the project.

1996

- The Company has already tied-up the debt (both foreign exchange and rupee) required for the expansion of capacity.

1997

- MRPL commissioned its three million tonnes refinery towards the end of 1995-96 and it has been operating at more than 100 per cent capacity.

1998

- The Company has entered into an agreement with the National Securities Depository Limited (NSDL) to facilitate investors to hold the Shares in the electronic form.

1999

- The Company had issued 376947036 FCDs of Rs.19.26 each to the Promoter Companies for raising part Funds required for the expansion project which were converted into 376947036 equity shares of Rs.10/- each at a premium of Rs.9.26 per equity share.

- MRPL is signing a crude-sourcing deal with the Chevron-Texaco combine.

2000

- The Company a joint venture between the AV Birla group and Hindustan Petroleum, is set to register losses of arond Rs 300 crore for the 1999-2000 financial year.

- Reliance Petroleum and Mangalore Refineries have entered into First World markets with petro-products like motor spirit at prices, which are not only competitive but have also contributed to the bottomlines of these companies.

- The Company has enhanced its refining capacity to 12 million tonnes through a cost-effective process of debottlenecking some units.

- The Company is expanding its refining capacity from the existing 3 to 9 million tonnes per annum.

- The Company joint venture between the Aditya Birla group and Hindustan Petroleum Corporation Ltd has been its outstandings from the Oil Coordination Committee rise to whopping Rs 792 crore.

- H.L. Zutshi has been elected as Chairman of the company for period of two years.

- Jagdish Mehta has stepped down as joint MD of Mangalore Refinery and Petrochemicals the nine million tonne refinery promoted by HPCL and the AV Birla group of companies.

- The Company despite intense lobbying with Petronet India, has been denied a 26 per cent stake in the Mangalore-Bangalore propline.

2001

- ICRA has downgraded the non-convertible debenture program and the partially-convertible debenture programe of the company.

- Refineries and Petrochemicals Ltd (MRPL) has reported a net loss of Rs 185.04 crore for the year ended March 31, 2001.

2002

- Mangalore Refinery & Petrochemicals Ltd has informed that IDBI has appointed their nominee Shri G M Ramamurthy on the Board of the company.

-New Delhi: The board of directors of Oil and Natural Gas Corporation (ONGC) has approved the acquisition of the Aditya Birla group's stake in the joint venture Mangalore Refinery and Petrochemicals Ltd (MRPL).

-Mangalore Refinery & Petrochemicals Ltd has informed that the Board of Directors approved issuance of additional Equity Shares upto Rs 20,000 million on preferential basis as per the existing SEBI guidelines for such issue of preferential shares to ONGC and /or Lenders of the Company on conversion of their debt into equity as part of a proposed financial restructuring of the company subject to approval of Shareholders of the company and lenders of the company and lenders of the company and further subject to approval of Govt. of India for cancellation of tripartite MOU dated June 26,1987 between Govt. of India, Hindustan Petroleum Corporation Ltd. (HPCL) and Indian Rayon & Industries Ltd. (IRIL) and completion of sale of Shares of IRIL and its associates in MRPL to ONGC.

2003

-Mangalore Refinery and Petrochemical Ltd has informed BSE that ONGC has acquired
its 37.38% equity stake.

-Shri.M.C.Bhargodia, Shri B.N.Puranmalka, Shri P Ramakrishnan, Shri Ravi Kastia
have resigned as directors of the company.

-ICRA has assigned 'A1+' rating to MRPL in respect of its short term borrowings programme.

-MRPL issued MIBOR linked bonds of Rs.500million with a green shoe option of Rs.250million
at the interest of MIBOR plus 15 basispoint.

-ONGC and MRPL have signed a Memorandum of Understanding for the supply of crude oil.

-Becomes the third largest refinery in India

2004

-Shell ties up with MRPL for petro products

-MRPL prepays Rs 2,380 Cr under debt restructuring package

-MRPL inks agreement with Shell

-Equity shares of Mangalore Refineries and Petrochemicals, a subsidiary of state-owned Oil and Natural Gas Corporation, enter 'A' group of scrips at Bombay Stock Exchange from March 1, 2004

-Mangalore Refinery & Petrochemicals Ltd has informed that Oil & Natural Gas Corporation Ltd, the promoter company has nominated Dr Ashok Kumar Balyan, Director (HR) ONGC, as director on the Board of MRPL

2005

-MRPL signs pact with Saudi, Iran firms for crude supply

-MRPL forges alliance with Ashok Leyland for retail outlets

- The Centre for High Technology (CHT) selects Mangalore Refinery and Petrochemicals Ltd (MRPL) for the Jawaharlal Nehru centenary awards for energy performance of refineries for 2003-04.

-MRPL bags Jawaharlal Nehru award

2006

-Mangalore SEZ Co names Subir Raha as chairman

-Mangalore Refinery forges alliance with Abu Dhabi firm

-MRPL inks agreement with Mauritius co

-Mangalore Refinery & Petrochemicals Ltd (MRPL) has informed that ICRA Ltd has assigned an Issuer Rating of "IR AAA" (pronounced as "IR Triple A") to the Company.

2007

-Mangalore Refinery & Petrochemicals Ltd (MRPL) has appointed Shri. V P Joy as Director of the Company w.e.f. January 16, 2007.

-Mangalore Refinery & Petrochemicals Ltd (MRPL) has appointed Shri. V K Dewangan, Deputy Secretary (E-I), Ministry of Petroleum & Natural Gas as Director of the Company w.e.f. March 05, 2007.

-MRPL signs long-term product supply agreement with Shell

-MRPL receives award for energy performance

2008

-Mangalore Refinery & Petrochemicals Ltd has entered into an agreement to form a Joint Venture with Shell for domestic marketing of Aviation Fuel.

-MRPL & SHELL enter into Joint Venture in Aviation Fuelling Business

-Shell-MRPL joins hand to supply ATF to Jet Airways

2009

-MRPL to buy crude from Cairn's Rajasthan blocks

-MRPL gets first consignment of crude from Cairn

2010

- Shri P. P. Upadhya has been appointed as Director.

- Shri B. Sukumar has been relieved from the company as Company Secretary, and Shri Dinesh Mishra has assumed the charge of Company Secretary and Compliance Officer.

- Board has recommended dividend of Rs. 1.20 per Equity Share.

2011

- Vishnu Agrawal is MRPL new Director-Finance.

- Board have recommended dividend of Rs. 1.20 Paise per equity share.

2012

- Mangalore Refinery and Petrochemicals Ltd has informed BSE regarding a Press Release dated June 06, 2012 titled "Government of Karnataka sanctions special Incentive package for MRPL phase III Expansion and Upgradation Project".

- P. P. Upadhya takes over as MD, MRPL .

- Dr. D Chandrasekharam has been appointed as an Independent Director on the Board of the Company.

- Board have recommended dividend of Rs. 1.00 per Equity Share.

2014
-MRPL starts its Petro Fluidized Catalytie Cracking unit

2015
-MRPL buys cargo of Djeno crude
-MRPL won the first prize for outstanding performance in the area of Hindi Implementation
-MRPL has conferred the prestigious “Skoch Foundation Order –of-Merit Award” for the best project in the country

2016
-MRPL readies Rs 11,000 cr to hit 25 mt refining capacity

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