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.

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.

Also, ICRA assigned an 'A1+' rating to MRPL for its short term borrowings programs.