NEW DELHI: State-run explorer ONGC will invest Rs 15,000 crore in ONGC Petro-additions Ltd (OPaL) as part of a financial restructuring plan that will see public sector gas utility GAIL exiting the petrochemical joint venture.
According to a stock exchange filing by ONGC, the company board approved the financial restructuring of OPaL last week as the plant, located at Dahej in Gujarat, was incurring losses due to high level of debt.
The decision comes amid ONGC looking at crude-to-chemicals as a pathway to reduce its carbon footprint and net zero plan.
