GMR to acquire 51% stake in Kakinada Refinery as ONGC decides to exit

24-Jun-08
Oil and Natural Gas Corporation (ONGC) has decided to exit from the proposed Rs 25,000 crore refinery and petrochemical complex at Kakinada in Andhra Pradesh, terming it as an unviable venture. Leading infrastructure and power giant GMR is likely to pick up the 51% stake in the refinery. GMR was keen on the project as it felt that it would be set up in a special economic zone and that Kakinada has a seaport. In a bid to make the project viable, ONGC had sought from the Andhra Pradesh Government tax incentives worth Rs. 16,000 crore over 8 years. However, the State Government declined the request. The refinery was originally planned with 7.5 mln ton capacity but was enhanced to 15 mln ton after the smaller refinery was found to be financially unviable.
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