MRPL and SHELL inks Aviation Joint Venture pact JV effective 1st March 2008

February 5, 2008

Mangalore Refinery and Petrochemicals Limited (MRPL), a Miniratna company and an ONGC group company, today signed the Joint Venture Shareholders agreement with Shell.

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 in Bangalore. The JV will be exclusive in nature and both MRPL and Shell will route all their future marketing activities for Aviation Fuelling Service through the JV.

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

The Joint Venture Agreement was signed by MRPL Managing Director Mr. R Rajamani and Vice President Shell Aviation Mr Sjoerd Post, in the presence of Chairman ONGC Group of Companies Shri R S Sharma, and Chairman Shell Group of Companies in India Mr. Vikram S Mehta. The agreement is effective from 1st March 2008.

MRPL's Managing Director R Rajamani exchanges the JV agreement with Shell Aviation's Vice President Sjoerd Post in ONGC office in New Delhi on 5th February 2008. Looking on are (from left) : ONGC Group Chairman R S Sharma, ONGC Director (HR & Business Development) Dr. A K Balyan, MRPL, Director (Finance) L K Gupta and Shell India Chairman Vikram S Mehta

ONGC CMD and MRPL Chairman Mr. R S Sharma was optimistic that the JV agreement as a major initiative by both companies to cater to the growing Indian Aviation sector that will catalyse the marketing activities of MRPL.

Shell India Country Chairman Mr. Vikram Mehta said, "With huge growth in the civil aviation sector in India it is indeed timely that we are formally joining hands with MRPL, to serve this large market opportunity with our shared values of quality products and excellent service".

Mr R Rajamani, MD, MRPL said if the speed and skill with which the JV has been formalized is any indication, the JV will set new benchmarks in Indian Aviation Service.

Issued by
Corporate Communication, MRPL,
Lekshmi M Kumaran