Mangalore Refinery and Petrochemicals Ltd (MRPL) completed the acquisition of equity shares of Mangalore SEZ Ltd (MSEZ) from IL&FS, significantly boosting its stake in MSEZ from 0.96 percent to 27.92 percent. The decision was approved by MRPL’s board of directors during its recent meeting.
The acquisition was facilitated through IL&FS’s offering of its equity stake in MSEZ to ONGC/MRPL as per their right of first refusal. ONGC (Oil and Natural Gas Corporation) serves as a promoter for both MRPL and MSEZ. MRPL has indicated that the acquisition process is expected to be completed within a year.
MSEZ, established as a joint venture, comprises stakeholders including ONGC (26 percent), IL&FS (50 percent), Karnataka Industrial Area Development Board (23 percent), MRPL (0.96 percent), and Kanara Chamber of Commerce and Industry (0.04 percent). Operational since 2014, MSEZ spans across 1,607 acres, with approximately 85 percent of its area already leased out.
As reported by businessline, it hosts ten operational units, including MRPL’s aromatic complex, Syngene, ISPRL, Catsynth Speciality Chemicals, and other food processing units. MSEZ stands out as one of India’s successful SEZs, attracting investments exceeding $2 billion and contributing to exports worth over $3.2 billion from its units.
