Mangalore Refinery and Petrochemicals Limited (MRPL), an ONGC group company has paid a dividend of Rs 100.43 crore to ONGC for the year 2006-07. ONGC Chairman and Managing Director R S Sharma who is also the Chairman of MRPL, received the cheque from MRPL Managing Director R Rajamani in the presence of MRPL (Finance) Director L K Gupta.
It maybe recalled that in 2003 ONGC had bought out the managing stake held by Aditya Birla Group(ABG) when MRPL, then a joint venture company between HPCL and ABG, was on the brink of a BIFR case. After ONGC infused Rs 600 crore worth of equity, the world witnessed a complete turnaround from MRPL.
In 2006-07, MRPL earned a net profit after tax of Rs 525.52 crore as against Rs 371.61 crore in the previous fiscal. The turnover of the company has reached a record high of Rs 32,377 crore with export earnings at Rs 11,615 crore during the year and domestic direct marketing sales reached Rs 1908 crore as against Rs 1411 crore in the previous year.
