OPAL in talks with 3 strategic partners for investment and assured purchase of Dahej plant

ONGC Petro-Additions Ltd (OPAL) is currently holding negotiations with three strategic investors for purpose of investment as well as assured purchase of end products from the Dahej plant. With this the ONGC subsidiary is set to achieve financial closure for its Rs 12,440-crore petrochemical plant at Dahej special economic zone (SEZ), slated for commissioning by 2012. Germany’s Linde and Japan’s Itochu are among the companies they are currently in talks with OPAL for the plant being set up along with GSPCL and GAIL. ONGC has a 26% stake, GSPCL 5% and GAIL 19% stake in the project which is being developed with a debt equity ratio of 70:30. Stake divestment is expected to be completed by year end after discussions with some more companies. The company also plans an initial public offer (IPO) coinciding with plant commissioning. The company has enlisted the services of SBI Caps for the debt component of Rs 8,800 crore for the project, led by a consortium of banks headed by the SBI. The closure of finances in this tough market conditions is a reflection of the confidence that financial institutions have on the promoters and the project. The Linde-Samsung consortium has been shortliated for an order worth Rs 6,800 crore, EIL as a project management consultant and IVRCL as the infrastructure developer for the project. The company has chosen Torrent Power for 200 MW and discussions are now underway.
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