ONGC Petro IPO : ONGC Petro plans IPO
ONGC Petro IPO : ONGC Petro plans IPO ( OPAL IPO )
Oil and Natural Gas Corporation (ONGC), the country’s leading public sector company, is planning an initial public offer of ONGC Petro-additions Limited (OPaL), the special purpose vehicle formed for the Rs 13,500 crore petrochemical complex at Dahej in Gujarat.
“We are planning an IPO of OPaL after the other equity partner or partners to the project are finalised,” said chairman and managing director, RS Sharma. “We are not in a hurry and it could happen by early next year,” he added.
ONGC holds 26 per cent of the equity in OPaL and Gujarat State Petroleum Corporation (GSPC) enjoys 5 per cent stake as a joint venture partner.
The global-scale petrochemical plant, scheduled to come up by 2010, will have a 1.1 million tonnes per annum of ethylene capacity dual feed cracker, along with associated units and polymer plants.
“We are in the process of finalising the partners. Almost all the leading global players in the petrochem manufacturing segment have shown an interest, including Mitsui and Mitsubishi of Japan,” said A K Balyan, director, business development
