Board of Directors at GAIL India have approved a proposal to acquire 19% stake in Oil and Natural Gas Corporation's (ONGC) petrochemical project in Dahej, Gujarat. Investment details have not been disclosed. Further negotiations will be required with ONGC, that is currently offering only 9% stake in the plant.
The Dahej petrochemical plant is being constructed by ONGC Petro-additions Ltd (OPaL) at an investment of Rs 12440 crore and is likely to be completed by February 2012. The project also involves setting up a methane and propane (C2-C3) extraction unit. While ONGC has management control with 26% stake, Gujarat State Petroleum Corporation holds 5% stake in the company.
24-Oct-08 
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