MRPL & SHELL enter into Joint Venture in Aviation Fuelling Business

Thebullishtrends: MRPL shares are trading at Rs.86.40(-1.92%) Mangalore Refinery & Petrochemicals Ltd (MRPL) has announced that the Company and a subsidiary of ONGC, has entered into an agreement to form a Joint Venture with Shell for domestic marketing of Aviation Fuel.. The agreement is effective from March 01, 2008.The JV Company would be incorporated as a private limited Company, with initial equity of Rs 30 Crores. The Registered office and Head office of the JV would be Bangalore.

JV will initially commence marketing of ATF at Bangalore and Hyderabad, and later expand its operations to other airports in India. JV will refuel foreign aircrafts in Indian airports and will also contract refuelling of Indian aircrafts at foreign airports through Shell affiliates.