A company that did not exist a day ago now has a name, a share capital and three owners. Its job is to sell petrochemicals, and one of its owners has just told the stock exchanges how much it paid to be part of it.
Mangalore Refinery and Petrochemicals Limited shared the news in a letter dated October 8, 2026. It is the next step in a plan that the company first told the exchanges about on April 27, 2026.
Meet the Newcomer
The new company is called ONGC Petrochemicals Marketing Limited, or OPML for short. It was incorporated on October 7, 2026 as a public limited company. The Registrar of Companies, under the Ministry of Corporate Affairs, issued its Certificate of Incorporation on the same day.
The letter says OPML has an authorised and subscribed share capital of ₹50 crore. This is divided into 5 crore equity shares of ₹10 each. Authorised capital is the highest amount of share capital a company is allowed to have. Subscribed capital is the part that investors have actually taken up.
But who are the owners?
Three Owners, Split 50:25:25
OPML is a joint venture company. A joint venture is a company that two or more businesses set up together and own together. Here, three companies hold the shares in the ratio of 50:25:25:
- ONGC, which holds the largest share.
- Mangalore Refinery and Petrochemicals Limited, which holds 25%.
- OPaL, which holds the other 25%.
The letterhead of Mangalore Refinery and Petrochemicals Limited also describes it as a subsidiary of Oil and Natural Gas Corporation Limited. So ONGC and Mangalore Refinery, two of the three owners, are already linked to each other.
The Money Behind the 25%
Now we come to the part that belongs to Mangalore Refinery. The company says it paid ₹12.5 crore. This is the subscription money from the company and its nominee shareholders, and it buys 1,25,00,000 equity shares of ₹10 each. That is 1.25 crore shares.
The letter says these shares make up 25% of OPML's paid-up equity share capital, and that they are held by the company together with its nominee shareholders. A nominee shareholder is a person who holds shares on behalf of another party. Paid-up capital is the part of the share capital that the owners have actually paid for.
The payment was in cash, and the shares were taken at face value. Face value is the original value written on a share, which is ₹10 here. The company says the deal is on an arm's-length basis, which means the terms are the same as they would be between independent parties.
A Quick Check on the Numbers
The numbers in the letter fit together well. A 25% share of 5 crore shares is 1.25 crore shares. At ₹10 each, those shares cost ₹12.5 crore. The same method gives the figures for the other two owners. These are our own calculations and are not stated in the letter. They assume the full capital of ₹50 crore was subscribed in the 50:25:25 ratio:
| Owner | Share | Shares (worked out) | Amount (worked out) |
|---|---|---|---|
| ONGC | 50% | 2.5 crore | ₹25 crore |
| Mangalore Refinery and Petrochemicals | 25% | 1.25 crore (as stated in the letter) | ₹12.5 crore (as stated in the letter) |
| OPaL | 25% | 1.25 crore | ₹12.5 crore |
What Will OPML Do?
OPML will work in the business of integrated marketing and trading of petrochemicals, chemicals and kindred products. Kindred products simply means products that are of a similar kind. The letter lists the kind of work the new company will handle:
- Branding and business development
- Pricing
- Distribution, logistics and storage
- Customer management
- Sourcing, trading and sales
- Sales and operations planning
The stated purpose is to create a single, integrated, market-facing platform for marketing and trading these products of the ONGC Group. The letter says the incorporation is in line with the existing downstream and petrochemicals business of the Group companies. Downstream means the later stages of the oil and gas chain, such as refining and selling products.
The Approvals and the Starting Point
The letter says the approval of the Department of Investment and Public Asset Management, Ministry of Finance was obtained for the deal. The company also says no history of turnover exists yet, because OPML is newly incorporated and has no turnover for the past three financial years.
All the Details in One Place
| What | Details |
|---|---|
| New company | ONGC Petrochemicals Marketing Limited (OPML) |
| Incorporated on | October 7, 2026, as a public limited company |
| Authorised and subscribed capital | ₹50 crore, in 5 crore equity shares of ₹10 each |
| Ownership | ONGC, Mangalore Refinery and Petrochemicals, and OPaL in the ratio 50:25:25 |
| Mangalore Refinery's investment | ₹12.5 crore in cash for 1,25,00,000 shares at face value (25%) |
| Business | Integrated marketing and trading of petrochemicals, chemicals and kindred products |
| Approval obtained | Department of Investment and Public Asset Management, Ministry of Finance |