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27 September 2007

we are very much thankful for your readers we have received t hounds of mails soon we will provide the facility to give paid serviles and once gain we give lot of thanks to those who accounting with us we will update what ever the good news regarding market now we have giving here one more new buy MRPL TRAG 110 MRPL in parleys with Mitsui, Mitsubishi
USA SPARROW | Thursday, 27 September , 2007, 07:08


MRPL, a subsidiary of Oil and Natural Gas Corporation (ONGC), plans to rope in Mitsui and Mitsubishi to set up an aromatics plant.

Following a confirmation to this effect from its managing director R Rajamani, MRPL shares touched a 52-week high of Rs 82.55.

On Tuesday, the share closed at Rs 65.25.

The project, which will be built by a new entity, ONGC Mangalore Petrochemicals Ltd, aims to meet demand for paraxylene. MRPL will own 3 per cent of the new firm, while its parent ONGC will pick up a 46 per cent stake.

"We are talking to both Mitsui and Mitsubishi for participation in the project. They have said they will come back to us after talking to their management," MRPL managing director R Rajamani had said.

The Rs 4,852 crore project will come up in Mangalore special economic zone. MRPL plans to complete the project by February 2010. It has already appointed Toyo Engineering India Ltd as project management consultant and selection of technology licensor is in final stages.

Rajamani said a final decision on inducting partners is expected to be taken within six months. The two Japanese firms had expressed an interest in buying the proposed plant's entire paraxylene output. The unit will produce about 900,000 tonnes of paraxylene a year from 2010 using naphtha produced at MRPL's 193,800 barrels a day refinery in southern India.

by erectusplus at 14:36:00 |