ONGC to infuse Rs 15,000 cr in OPaL, edge out GAIL to control petchem firm
State-owned Oil and Natural Gas Corporation (ONGC) will infuse about Rs 15,000 crore in OPaL as part of a financial restructuring exercise that will see gas utility GAIL being edged out of the petrochemical firm.
ONGC currently holds 49.36 per cent stake in ONGC Petro-additions Ltd (OPaL), which operates a mega petrochemical plant at Dahej in Gujarat. GAIL (India) Ltd has 49.21 per cent interest and Gujarat State Petrochemical Corp (GSPC) has the remaining 1.43 per cent.
The ONGC board last week approved a financial restructuring of the petchem firm which had been making losses due to its high debt.
