Daijiworld Media Network - Mangaluru (SP)

Mangaluru, Feb 2: Mangalore Refinery and Petrochemicals Ltd (MRPL) operating in the city has suffered net loss of Rs 71 crore in its third quarter.

During the third quarter of the current financial year, the operating income of the company came down from Rs 16,745 crore last year to Rs 14,136 crore. This reduction was expected as a consequence of coronavirus spread. It will not have any long term impact on the turnover of the company. In fact, as compared to the same period last year, the usage of refinery capacity has improved gradually over a period.

The meeting approved the long term agreement for wage revision which was given nod at the meeting of the board of directors held on January 20 this year.

As decided in a meeting of the board of directors, the process of acquiring equity shares of ONGC Mangalore Petrochemicals Limited (OMPL), a sister concern of ONGC, has been set into motion. Rs 1,216.73 crore has been provided to ONGC for acquiring these shares. As per the share acquisition agreement, ONGC has transferred 124,66,53,746 shares to MRPL on January 1.