Oil and Natural Gas Corporation (ONGC) has agreed to sell 19 per cent stake in ONGC Petro-additions Ltd (OPaL) to GAIL. (OPaL) is a Rs 12,440 crore petrochemicals project is being set up by ONGC at Dahej in Gujarat.
“Initially, they offered 9 per cent but now they have agreed to sell 19 per cent stake in OPaL,” GAIL chairman and managing director U D Choubey told reporters at the sidelines of a press conference. He, however, did not disclose valuation of the deal.
ONGC holds 26 per cent stake in OPaL, the special purpose vehicle formed for setting up the chemical complex at Dahej SEZ. Five per cent stake is with Gujarat State Petroleum Corporation (GSPC).
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