New Delhi, Feb 6 (UNI) Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of Oil and Natural Gas Corporation Ltd (ONGC), has signed a Joint Venture (JV) agreement with Shell Aviation for domestic marketing of aviation Fuel.
With initial equity of Rs 30 crores, the JV Company will be incorporated as a private limited company and Bangalore will be its registered head-office, a statement said.
The JV agreement, which was signed yesterday by MRPL Managing Director R Rajamani and Shell Aviation Vice President Sjoerd Post, will be effective from March 1.
The company will initially market aviation turbine fuel (ATF) at Bangalore and Hyderabad. Later, the operations will be expanded to other airports of the country.
Besides, it will also contract refuelling foreign aircrafts in Indian airports and vice versa through Shell affiliates, the statement added.
Expressing optimism over the agreement, ONGC CMD and MRPL Chairman R S Sharma said the JV is a major initiative by both the companies to cater to the growing aviation sector of the country.
''With huge growth in the civil aviation sector in India it is indeed timely that we are formally joining hands with MRPL, to serve this large market opportunity with our shared values of quality products and excellent service'', Shell Chairman Vikram Mehta said.
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