ONGC to hive off 34% in Dahej project

28-Jun-07
State owned ONGC seems likely to hive off 34% equity in its special purpose vehicle ONGC Petro-additions (OPaL) formed for the upcoming Rs 13,500 crore petrochem project at Dahej. ONGC currently holds 95% stake in OPaL, Gujarat State Petroleum Corporation (GSPC) holds the balance 5%. The company has started talks with Japanese majors Mitsui and Mitsubishi, that have expressed an interest in the project. The company may also offload part of its stake through the IPO route.
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