Mumbai, Feb 6 (UNI) Mangalore Refinery&Petrochemicals Ltd (MRPL) has announced that the Company and a subsidiary of ONGC, has entered into an agreement to form a Joint Venture with Shell for domestic marketing of Aviation Fuel.
The Joint Venture (JV) was signed on February 05 by MRPL Managing Director R Rajamani and Vice President Shell Aviation Sjoerd Post, in the presence of Chairman ONGC Group of Companies R S Sharma and Chairman Shell Group of Companies in India Vikram S Mehta. The agreement is effective from March 01, 2008, the company's release at BSE, stated here today.
The JV Company would be incorporated as a private limited Company, with initial equity of Rs 30 Crores. The Registered and Head offices of the JV would be at Bangalore.
JV will initially commence marketing of ATF at Bangalore and Hyderabad, and later expand its operations to other airports in India. JV will refuel foreign aircrafts in Indian airports and will also contract refuelling of Indian aircrafts at foreign airports through Shell affiliates.
Mr Sharma was optimistic that the JV agreement as a major initiative by both Companies to cater the growing Indian Aviation sector that will catalyse the marketing activities of MRPL.
Mr Mehta said, ''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.'' UNI AR GR SM1238