Daijiworld Media Network - Mangaluru (SP)
Mangaluru, May 13: In response to opposition expressed by Pejawar Math Swamiji, Sri Vishveshateertha, to the fresh expansion plan of Mangalore Refinery and Petrochemicals Ltd (MRPL), the company said that it will take up expansion plan only after obtaining concurrence for land acquisition from 70 percent of owners as required, and duly convincing the Swamiji about the need for expansion.
It may be recalled that addressing a press conference at Udupi on Wednesday May 11, the Swamiji had stoutly opposed the expansion plan for which Karnataka Industrial Area Development Board is making preparations for land acquisition in Permude and Kutettoor villages. He had said that he was opposing the plan because of its long-ranging ramifications on environment pollution.
Managing director of MRPL, H Kumar, who held a press conference here on Thursday May 12 on the issue, said that the company will undertake expansion plans only after holding discussions with the Swamiji and locals, besides obtaining nod for land acquisition from 70 percent of land owners. He strongly advocated expansion of MRPL as he argued that it is in the interests of the development of the country. At the same time, he confessed that he is aware of opposition for the 1,050 acres of land proposed to be acquired for the project through KIADB from locals.
"As per the guideline issued by the central government, we have to adapt ourselves to the BS-6 norm by the year 2020. For this, we need additional land. Our company will be investing Rs 4,500 crore for this expansion plan. However, we are determined to take locals into confidence before proceeding with expansion plan," he added.
Kumar stated that his company would be ploughing back the profit earned by it for expansion as well as repayment of loans. Therefore, he added, that the company does not propose to distribute any dividend to its shareholders this time. "The company earned profit of Rs 1,353 crore in the last quarter of the previous financial year. The Board of Directors has decided to utilise this money for development initiatives of the company," he explained.