The much-delayed mega petrochemical complex of ONGC Petro Additions Ltd (OPaL) at Dahej in Gujarat all set to be commissioned in the next six months. With this, ONGC Petro additions Ltd (OPaL) has revived talks for stake sale to strategic partners, especially to Petrochemical Industries Company (PIC), a subsidiary of state-run Kuwait Petroleum Corporation (KPC). PIC is in talks to pick up as much as 40% stake in OPaL, according to two people familiar with the development who did not wish to be identified. The deal size is expected to be around Rs.3,500-4,000 crore.
OPaL is also looking for other strategic partners from India and overseas and would shortly appoint another financial advisor for the same, as per sources, adding that a public float sometime next year is also under consideration. OPaL is promoted by government-owned Oil and Natural Gas Corporation (ONGC) and co-promoted by GAIL India Ltd and Gujarat State Petroleum Corporation. The project has run into a number of delays which has led to an overshoot in its project cost. The plant was initially estimated to cost Rs.12,440 crore but since then the project cost has been revised multiple times to Rs.21,396 crore in August 2012. The petrochemical project has achieved over 95% of overall project completion. The pre-commissioning activities are going on in full swing currently and it’s a matter of 5-6 months when the plant would be on full stream.
28-Jul-15 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}