The AV Birla Group and Hindustan Petroleum Corporation Limited established the joint venture known as Mangalore Refinery & Petrochemicals Limited (MRPL). Now, it belongs to Oil & Natural Gas Corporation as a subsidiary (ONGC). The company’s primary commercial activities include the refining of crude oil, the production of petrochemicals, the trading of aviation fuels, and the distribution of petroleum products through retail stores and transit facilities.
Financial Results:
On Monday, MRPL switched from a third-quarter profit to a loss, stung by the government’s windfall tax on some gasoline exports and an increase in the price of commodities used.
During the quarter that concluded on December 31, the crude oil refiner recorded a net loss of 1.88 billion rupees ($23.1 million), down from a profit of 5.86 billion rupees a year earlier.
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