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MRPL: A saviour in sight? - Views on News from Equitymaster
 
 
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  • Jul 19, 1999

    MRPL: A saviour in sight?

    The Economic Times has reported that Exxon has expressed an interest in picking up a stake in MRPL. MRPL, which is currently in an expansion phase, needs additional Rs 6.7 bn for its completion.

    Mangalore Refinery & Petrochemicals Limited (MRPL) (FY99 Sales Rs 14.2 bn) has been jointly promoted by the Aditya Birla Group and Hindustan Petroleum Corporation Ltd. (HPCL). The company operates a 3 MMTPA refinery and is increasing it to 9 MMTPA at a cost of Rs 37 bn.

    The entry of Exxon as a partner or strategic investor in MRPL will greatly benefit the company. Exxon will bring with it vast experience and large resources which MRPL needs as the competition in the domestic refining industry is intensifying. The threats emerge from the likes of the 27 mn tons Reliance Petroleum Limited (RPL), which has already commenced a phase wise commissioning of its refinery.

    Market View:
    The stock has been rated as a 'SELL' mainly on account of excess refining capacity in India which will lead to thin margins. Moreover, given the imminent decontrol of the sector the company could be at a competitive disadvantage given its relatively lower capacities vis-a-vis its competitors.

     

     

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