MRPL

In 1988, it was being incorporated on 7th March, according to an MOU as on 26th June, 1987 executed among the President of India representing the Government of India, Hindustan Petroleum Corporation Limited (or HPCL) and Indian Rayon & Industries Limited (or IRIL) for the purpose of setting up a refinery at Mangalore in Karnataka. It also obtained the Certificate of Commencement of business as on 2nd August, from the Registrar of Companies, Karnataka and consequently the Letter of Intent from the Government India. It was also promoted by Hindustan Petroleum Corporation Ltd., Indian Rayon and Industries Ltd., Grasim Industries Limited, Hindalco Industries Ltd., and Indo Gulf Fertilizers and Chemicals Corp. Ltd. In 1993, it already tied up the entire Foreign Exchange needs of the project and also tied up process technologies with internationally reputed technology suppliers. In 1995, it tied up the entire funds required for the project and also tied-up the debt (both foreign exchange and rupee) needed for the expansion of capacity. In 1997, it commissioned its three million tonnes refinery towards the end of 1995-96, and it has been operating at more than 100% capacity. In 1998, it also agreed with the National Securities Depository Limited (or NSDL) to facilitate investors to hold the Shares in the electronic form and also signed a crude-sourcing deal with the Chevron-Texaco combine. In 2000, it entered into a joint venture among the AV Birla group and Hindustan Petroleum, which is set to register losses of about INR 300 crore in 1999-2000. Both Reliance Petroleum and Mangalore Refineries entered into the first world markets with petroproducts such as motor spirit at prices that are not only competitive but also contribute to the bottom lines of such companies. It also enhanced its refining capacity to 12 million tonnes via a cost-effective process of debottlenecking some units. It expanded its refining capacity from the existing 3 to 9 million tonnes p.a. It came into a joint venture among the Aditya Birla group and Hindustan Petroleum Corporation Ltd that has been its outstandings from the Oil Coordination Committee rise to whopping INR 792 crore.

Some of the Milestones:

2001:
The ICRA also lowered the non-convertible debenture program and the partially-convertible debenture program of the company.
Refineries and Petrochemicals Ltd (of MRPL) has reported a net loss of INR 185.04 crore in the year ended March 31, 2001.
2003:
Also, ICRA assigned an 'A1+' rating to MRPL for its short term borrowings programs.
Both ONGC and MRPL signed an MoU for the supply of crude oil.
It became the third-largest refinery in India.
2004:
Its shell tied up with MRPL for Petroproducts.
It prepays INR 2,380 Cr under the debt restructuring package.
It signed an agreement with Shell.
2005:
It signed a pact with Saudi, Iran firms for crude supply
MRPL forges an alliance with Ashok Leyland for retail outlets
The Centre for High Technology (or CHT) chose Mangalore Refinery and Petrochemicals Ltd (or MRPL) for the Jawaharlal Nehru centenary awards for energy performance of refineries in 2003-04.
It bagged the Jawaharlal Nehru award.
2006:
Mangalore SEZ Co names Subir Raha as chairman.
Mangalore Refinery allies with Abu Dhabi firm.
Mangalore Refinery & Petrochemicals Ltd (MRPL) has informed that ICRA Ltd has assigned an Issuer Rating of IR AAA (pronounced as IR Triple-A) to the Company.
2007:
Mangalore Refinery & Petrochemicals Ltd (or MRPL) has appointed Shri. V P Joy as Director of the Company on January 16, 2007.
It signed a long-term product supply agreement with Shell.
It received an award for energy performance.
2008:
Mangalore Refinery & Petrochemicals Ltd has entered into an agreement to form a Joint Venture with Shell for domestic marketing of Aviation Fuel.
Both MRPL & SHELL entered into a Joint Venture in Aviation Fuelling Business.
Both Shell-MRPL joined hand to supply ATF to Jet Airways.
2009:
MRPL about to buy crude from Cairn's Rajasthan blocks.
It got the first consignment of crude from Cairn.
2010:
Shri P. P. Upadhya was being appointed as Director.
Shri B. Sukumar was being relieved from the company as Company Secretary and Shri Dinesh Mishra has assumed the charge of Company Secretary and Compliance Officer.
2012:
It also informed BSE regarding a Press Release dated June 06, 2012 titled Government of Karnataka sanctions special Incentive package for the MRPL phase III Expansion and Upgradation Project.
D Chandrasekharam has been appointed as an Independent Director on the Board of the Company.
2014: It started its Petro Fluidized Catalytic Cracking unit.
2015:
It bought a cargo of Djeno crude.
It won the first prize for outstanding performance in the area of Hindi Implementation.
It conferred the prestigious “Skoch Foundation Order -of-Merit Award” for the best project in the country.
2016: It readied INR 11,000 cr to hit 25 mt refining capacity.
2017: It received environmental clearance for the BS-VI project.

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