Hunt on for next MRPL managing director

Vol 20, PW 26 (21 Sep 17) News in Brief

Mangalore Refinery and Petrochemicals (MRPL) has begun the search for a new MD to replace H.

Kumar who retires on May 31, 2018. On September 1 the PESB advertised the post calling for CVs by 3pm on November 9.

Among those touted as strong contenders for the position are MRPL director finance AK Sahoo, HPCL director refineries Vinod Shenoy (who is also the HPCL nominee on MRPL's Board), MRPL director refineries M. Venkatesh and HPCL director finance J.

Ramaswamy. Whoever wins will have the unenviable task of managing MRPL's likely acquisition by Hindustan Petroleum ahead of HPCL's planned merger with ONGC.

At present ONGC owns 71.63% of MRPL while HPCL holds 16.96%. ONGC is poised to acquire a 51.1% stake in HPCL under a government-driven plan to create a super major but before that happens it reportedly wants HPCL to completely take over MRPL so all the company's assets are held together.

One source believes HPCL director finance Ramaswamy is particularly well-placed to see through the process so might have the best chance of getting the job.

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