Gail India Ltd has increased its stake in ONGC Petro additions Limited (OPaL) by 10% to 19%. OPaL is a special purpose vehicle formed for setting up a petrochemical complex at Dahej special economic zone (SEZ). The project will be commissioned in October 2012 and production is expected to begin by December 2012.
Several overseas players including Mitsubishi Chemicals, Mitsui Chemicals and Itochu have expressed an interest in acquiring a stake as strategic partners.
50% equity has been tied up, 25% will be offered to a strategic partner and the balance 25% will be raised through initial public offering (IPO) planned for December 2011 or Q1-2012.