Daijiworld Media Network – Mangalore (KD/NR) 

Mangalore, Sep 19: A dividend of Rs 100.43 crore has been paid to ONGC for the year 2006-07 by Mangalore Refinery and Petrochemicals Limited (MRPL), an ONGC group company. 

On this occasion ONGC chairman and managing director R S Sharma who is also the chairman of MRPL, received a cheque from MRPL managing director R Rajamani in the presence of MRPL (Finance) director L K Gupta. 

According to its annual report 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 is a record high of Rs 32,377 crore with export earnings touching Rs 11,615 crore during the year and domestic direct marketing sales reaching Rs 1908 crore as against Rs 1411 crore in the previous year.

Going back in time it may be 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 pumped in Rs 600 crore worth of equity into the beleaguered company, there was a complete about-turn in the fortunes of MRPL.