Mangalore Refinery and Petrochemicals

1988
 
 - The Company was incorporated on 7th March, pursuant to a
 Memorandum
 of Understanding (MOU) dated 26th June, 1987 executed between the
 President of India representing the Government of India (GOI),
 Hindustan Petroleum Corporation Limited (HPCL) and Indian Rayon &
 Industries Limited (IRIL) for the purpose of setting up a refinery
 at
 Mangalore in the state of Karnataka.
 
 - The Company obtained the Certificate of Commencement of business
 on
 2nd August, from the Registrar of Companies, Karnataka and
 subsequently
 the Letter of Intent from the Government India.
 
 - The Company was promoted by Hindustan Petroleum Corporation Ltd.,
 Indian Rayon and Industries Ltd., Grasim Industries Limited,
 Hindalco
 Industries Ltd., and Indo Gulf Fertilisers and Chemicals Corp. Ltd.,
 
 
 1993
 
 - The Company has made a mega Public Issue consisting 4,31,60,000
 16%
 Secured Redeemable Partly Convertible Debentures (PCDs) of Rs.135/-
 each aggregating to Rs.582.66 crores and 2,80,00,000/- 17.5% Secured
 Redeemable Non Convertible Debentures of Rs.200/- each (with
 detachable
 Equity Warrants) aggregating to Rs.560 crores.  
 
 - The Company has already tied up the entire Foreign Exchange
 requirements of the project.
 
 - The Company has tied up process technologies with internationally
 reputed technology suppliers.
 
 1995
 
 - The Company had already tied up the entire funds required for the
 project.
 
 1996
 
 - The Company has already tied-up the debt (both foreign exchange
 and
 rupee) required for the expansion of capacity.
 
 1997
 
 - MRPL commissioned its three million tonnes refinery towards the
 end
 of 1995-96 and it has been operating at more than 100 per cent
 capacity.
 
 1998
 
 - The Company has entered into an agreement with the National
 Securities Depository Limited (NSDL) to facilitate investors to hold
 the Shares in the electronic form.
 
 1999
 
 - The Company had issued 376947036 FCDs of Rs.19.26 each to the
 Promoter Companies for raising part Funds required for the expansion
 project which were converted into 376947036 equity shares of Rs.10/-
 each at a premium of Rs.9.26 per equity share.
 
 - MRPL is signing a crude-sourcing deal with the Chevron-Texaco
 combine.
 
 2000
 
 - The Company a joint venture between the AV Birla group and
 Hindustan
 Petroleum, is set to register losses of arond Rs 300 crore for the
 1999-2000 financial year.
 
 - Reliance Petroleum and Mangalore Refineries have entered into
 First
 World markets with petro-products like motor spirit at prices, which
 are not only competitive but have also contributed to the
 bottomlines
 of these companies.
 
 - The Company has enhanced its refining capacity to 12 million
 tonnes
 through a cost-effective process of debottlenecking some units.
 
 - The Company is expanding its refining capacity from the existing 3
 to
 9 million tonnes per annum.
 
 - The Company joint venture between the Aditya Birla group and
 Hindustan Petroleum Corporation Ltd has been its outstandings from
 the
 Oil Coordination Committee rise to whopping Rs 792 crore.
 
 - H.L. Zutshi has been elected as Chairman of the company for period
 of
 two years.
 
 - Jagdish Mehta has stepped down as joint MD of Mangalore Refinery
 and
 Petrochemicals the nine million tonne refinery promoted by HPCL and
 the
 AV Birla group of companies.
 
 - The Company despite intense lobbying with Petronet India, has been
 denied a 26 per cent stake in the Mangalore-Bangalore propline.
 
 2001
 
 - ICRA has downgraded the non-convertible debenture program and the
 partially-convertible debenture programe of the company.
 
 - Refineries and Petrochemicals Ltd (MRPL) has reported a net loss
 of
 Rs 185.04 crore for the year ended March 31, 2001.
 
 2002
 
 - Mangalore Refinery & Petrochemicals Ltd has informed that IDBI has
 appointed their nominee Shri G M Ramamurthy on the Board of the
 company.
 
 -New Delhi: The board of directors of Oil and Natural Gas Corporation
 (ONGC) has approved the acquisition of the Aditya Birla group's stake
 in the joint venture Mangalore Refinery and Petrochemicals Ltd
 (MRPL).
 
 -Mangalore Refinery & Petrochemicals Ltd has informed that the Board
 of Directors  approved issuance of additional Equity Shares upto Rs
 20,000 million on preferential basis as per the existing SEBI
 guidelines for such issue of preferential shares to ONGC and /or
 Lenders of the Company on conversion of their debt into equity as
 part of a proposed financial restructuring of the company subject to
 approval of Shareholders of the company and lenders of the company
 and lenders of the company and further subject to approval of Govt.
 of India for cancellation of tripartite MOU dated June 26,1987
 between Govt. of India, Hindustan Petroleum Corporation Ltd. (HPCL)
 and Indian Rayon & Industries Ltd. (IRIL) and completion of sale of
 Shares of IRIL and its associates in MRPL to ONGC.
 
 2003
 
 -Mangalore Refinery and Petrochemical Ltd has informed BSE that ONGC
 has acquired
 its 37.38% equity stake.
 
 -Shri.M.C.Bhargodia, Shri B.N.Puranmalka, Shri P Ramakrishnan, Shri
 Ravi Kastia
 have resigned as directors of the company.
 
 -ICRA  has assigned 'A1+' rating to MRPL in respect of its short term
 borrowings programme.
 
 -MRPL issued MIBOR linked bonds of Rs.500million with a green shoe
 option of Rs.250million
 at the interest of MIBOR plus 15 basispoint.
 
 -ONGC and MRPL have signed a Memorandum of Understanding for the
 supply of crude oil.
 
 -Becomes the third largest refinery in India
 
 2004
 
 -Shell ties up with MRPL for petro products
 
 -MRPL prepays Rs 2,380 Cr  under debt restructuring package
 
 -MRPL inks agreement with Shell
 
 -Equity shares of Mangalore Refineries and Petrochemicals, a
 subsidiary of state-owned Oil and Natural Gas Corporation, enter 'A'
 group of scrips at Bombay Stock Exchange from March 1, 2004
 
 -Mangalore Refinery & Petrochemicals Ltd has informed that Oil &
 Natural Gas Corporation Ltd, the promoter company has nominated Dr
 Ashok Kumar Balyan, Director (HR) ONGC, as director on the Board of
 MRPL
 
 2005
 
 -MRPL signs pact with Saudi, Iran firms for crude supply
 
 -MRPL forges alliance with Ashok Leyland for retail outlets
 
 - The Centre for High Technology (CHT) selects Mangalore Refinery and
 Petrochemicals Ltd (MRPL) for the Jawaharlal Nehru centenary awards
 for energy performance of refineries for 2003-04.
 
 2006
 
 -Mangalore SEZ Co names Subir Raha as chairman
 
 -Mangalore Refinery forges alliance with Abu Dhabi firm
 
 -MRPL inks agreement with Mauritius co
 
 -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 (MRPL) has appointed Shri. V
 P Joy as Director of the Company w.e.f. January 16, 2007.
 
 -Mangalore Refinery & Petrochemicals Ltd (MRPL) has appointed Shri. V
 K Dewangan, Deputy Secretary (E-I), Ministry of Petroleum & Natural
 Gas as Director of the Company w.e.f. March 05, 2007.