ONGC seeks strategic investors to sell 25% stake each in two petrochemical ventures and a power project

17-Nov-14

Oil & Natural Gas Corp. (ONGC), is seeking to sell to strategic investors a 25% stake each in two petrochemical ventures and a power project before taking the units public- ONGC Petro-additions Ltd., ONGC Mangalore Petrochemicals Ltd. and ONGC Tripura Power Co. Talks are on with a number of potential buyers for stakes that could fetch collectively, a minimum of US$1 bln based on the investments the projects require, as per hydrocarbonprocessing.com. ONGC will own 26% in ONGC Petro-additions, GAIL India Ltd. 15.5% and Gujarat State Petroleum Corp. 5% after the stake sale and public offer, according to ONGC’s annual report. ONGC Petro-additions will spend 214 billion rupees ($3.5 billion) to build a petrochemical plant in the western state of Gujarat, according to ONGC.