Seeking to strengthen their petrochemical business, state-owned explorer ONGC approved the formation of a joint venture company with subsidiaries Mangalore Refinery Pvt Ltd (MRPL) and ONGC Petro additions Ltd (OPaL), integrating petrochemical marketing division of the companies, it informed bourses on Monday (April 27, 2026).

ONGC would hold 50% stake in the joint venture, with rest being equally divided among the two subsidiaries.