Special Correspondent

MANGALORE: Mangalore Refinery and Petrochemicals Ltd. (MRPL) has signed a joint venture shareholders’ agreement with Shell.

The venture will be incorporated as a private limited company with an initial equity of Rs. 30 crore. The registered office and head office will be in Bangalore. The venture will be exclusive in nature and MRPL and Shell will route their future marketing activities for aviation fuelling service through it, according to a press release from MRPL here. The venture will commence marketing of aviation fuel in Bangalore and Hyderabad, to begin with. It will later expand operations to other airports in the country.

The agreement was signed by MRPL’s Managing Director R. Rajamani and Vice-President of Shell Aviation Sjoerd Post in the presence of Chairman of ONGC Group of Companies R.S. Sharma and Chairman of Shell Group of Companies in India Vikram S. Mehta. The agreement will come into effect on March 1.