GMR group likely to partner ONGC in Rs 31000 crore refinery in Kakinada

23-Jun-08
Bangalore-based GMR group is likely to partner Oil and Natural Gas Corporation (ONGC) in its Rs 31000 crore refinery and petrochemical plant in Kakinada. GMR group joins the list of prospective partners along with the Hinduja group, Reliance Industries and Essar Oil. Currently, ONGC's subsidiary Mangalore Refinery and Petrochemicals holds 46% stake in KRPL, IL&FS holds 51% and the remaining stake is held by Kakinada Seaports. The refinery, along with the petrochemical plant, is proposed to be set up in a special economic zone in Kakinada. The board of Kakinada Refinery and Petrochemicals (KRPL), the company implementing the 15 mln tpa refinery and a 450,000 tpa petrochemical plant, will meet on June 23 to take a decision on the stake sale. The refinery was initially planned with a capacity of 7.5 mtpa. Following feasibility studies, ONGC decided to double the capacity to 15 mtpa so sale of larger volumes of products could make the refinery viable. Feasible studies for the larger refinery are still on.
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