MRPL pays dividend to HPCL

New Delhi, Oct 5 (UNI) Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of Oil and Natural Gas Corporation Ltd (ONGC) today handed over to Hindustan Petroleum Corporation Ltd (HPCL) a cheque of Rs 20.80 crore towards dividend for the year 2005-06.

The dividend is on 297153518 equity shares of HPCL in MRPL, representing HPCL's 16.95 per cent equity in MRPL.

The Shareholders of MRPL had approved the dividend at seven per cent in the AGM, held on 16th September, 2006.

MRPL achieved a record throughput of 12.12 Million Metric Tonnes (MMT) representing 125 per cent capacity utilisation in fiscal 2005-06 (up 2.28 per cent from 11.85 MMT in 2004-05).

Director (Finance) of MRPL Mr L K Gupta (left) hands over the dividend cheque to Director (Finance) of HPCL Mr Ramulu.

MRPL was originally promoted as a Joint Sector Company by HPCL and A V Birla Group. ONGC acquired A V Birla Group's equity in March 2003 and infused further equity of Rs 600 crore, under Debt Restructuring package, implemented immediately thereafter. Since then, the performance of MRPL has been steadily improving. MRPL turned the corner in the very first year after ONGC's acquisition and declared Maiden Dividend in the second Year (2004/05).

The turnover of MRPL has reached a new high at Rs 28,243 crore with export earnings at Rs 11,917 crore during 2005-06.

MRPL earned net profit-after-tax of Rs.371.61 crore. The company declared a Dividend of seven per cent (as against 10 per cent in 2004-05), keeping in view the long-term interests of the company and the shareholders.

UNI RT SRS BST1702