ONGC in talks to sell 25percent stake in OPaL
ONGC Petro additions Ltd (OPaL) is in talks with local and overseas petrochemical companies to sell as much as 25 per cent in the company, according to sources. The company is jointly owned by ONGC, GAIL (India) Ltd and Gujarat State Petroleum Corp. Ltd (GSPC). ONGC and GAIL hold 44 per cent each in OPaL, and GSPC holds the rest. ONGC also plans to sell OPaL shares to the public in a few years from now. The envisaged equity structure would be: ONGC (26 per cent), GAIL (15.5 per cent), GSPC (0.5 per cent), other public sector companies (8 per cent), strategic investor 25 per cent, and public shareholding (25 per cent).
Contact: ONGC Petro additions Ltd