No plans to offload MRPL stake: HPCL

Tuesday, 17 September 2002, 19:30 IST
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BANGALORE: Hindustan Petroleum Corporation has no plans to offload its 37.4% stake in Mangalore Refineries and Petrochemicals to the Oil and Natural Gas Corporation, a top HPCL official said. "We will continue to remain. Our equity will remain. We are not withdrawing ", HPCL's Director-Marketing N K Puri told reporters in Bangalore on Monday. According to Puri, ONGC is in talks with the A V Birla Group to buy out the latter's stake in MRPL, the country's only joint venture refinery, but no final decision has been taken. HPCL is preparing itself for dynamic pricing scenario, which it expects to evolve, anticipating upheaval, undercutting and increased competition in the market, he added. "Right now, the market has not matured. It may take one or two or three years for dynamic pricing to emerge depending on the strength of the existing players in the sector," he said. The deferment of HPCL disinvestment by three months by the government has not at all affected the plans of the company, he asserted, adding, "We are moving ahead more vigorously. Plans are not kept on hold at all."
Source: IANS
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