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| Petronet may acquire up to 10 per cent stake in OPaL |
| Press Trust Of India / Mumbai Nov 19, 2009, 00:41 IST |
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Liquefied gas importer, Petronet LNG Ltd (PLL), is keen to acquire up to 10 per cent stake in ONGC Petro-additions Ltd (OPaL), which is setting up a cracker complex in Gujarat, a senior Oil and Natural Gas Corporation (ONGC) official said.
“Petronet LNG has shown interest to acquire up to 10 per cent stake in OPaL. The board will take a decision on the matter,” ONGC Director (Human Resources and Business Development), A K Balyan, told reporters here today.
OPaL is a Rs 12,440-crore petrochemicals project, being set up by ONGC at Dahej in Gujarat.
The company is also looking to hit the capital market in the next year but has yet to decide on the amount of stake to be made public, he said.
“We are certainly looking at an IPO for OPaL and it is up to the board to decide how much would be off-loaded. The IPO is likely to happen next year,” Balyan said.
ONGC holds 26 per cent stake in OPaL, the special purpose vehicle formed for setting up a chemical complex at Dahej SEZ.
Five per cent stake is with Gujarat State Petroleum Corporation. ONGC has agreed to sell 19 per cent stake in ONGC Petro-additions Ltd (OPaL) to GAIL.
Balyan said the project has completed financial closure with help from a consortia of over 20 banks led by State Bank of India.
The company has already awarded equipment contracts worth Rs 7,000-crore to a consortium of Germany’s Linde and Korea’s Samsung.
Besides, Ineos has been chosen as a technology licensee for polyproplene, Balyan said.
The board will today review new project contracts and the progress of ongoing work, he added.
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