Ahmedabad: ONGC Petro additions (OPaL), an alliance between ONGC and Gujarat State Petroleum Corporation (GSPC), is mulling to hit the capital market to raise Rs 3,000-3,500 crore. ONGC are targeting to raise at least 20 per cent of the Dahej project cost via the offering.
OPaL is establishing a Rs 12,500-crore petrochemical complex at Dahej in Gujarat, proposed to be financed via a debt-equity ratio of Rs 8,700 crore and Rs 3,800 crore, respectively. ONGC holds 26 per cent controlling stake in OPaL, while GSPC holds 5 per cent.
Already, global companies such as Japan Polypropylene Corporation (JPP), an alliance between Chisso and Mitubishi Chemical Corporation; LyondellBasell Industries, which is one of the world's largest polymers, petrochemicals and fuel companies; Ineos group; Mitsubishi Chemicals and Mitsui are looking at a stake in the project. ONGC is also in negotiations with oil and gas PSUs like Indian Oil Corporation.
Meanwhile, OPaL has called a tender for its cracker unit, which comprises over 80 per cent of the project cost.
OPaL is establishing a Rs 12,500-crore petrochemical complex at Dahej in Gujarat, proposed to be financed via a debt-equity ratio of Rs 8,700 crore and Rs 3,800 crore, respectively. ONGC holds 26 per cent controlling stake in OPaL, while GSPC holds 5 per cent.
Already, global companies such as Japan Polypropylene Corporation (JPP), an alliance between Chisso and Mitubishi Chemical Corporation; LyondellBasell Industries, which is one of the world's largest polymers, petrochemicals and fuel companies; Ineos group; Mitsubishi Chemicals and Mitsui are looking at a stake in the project. ONGC is also in negotiations with oil and gas PSUs like Indian Oil Corporation.
Meanwhile, OPaL has called a tender for its cracker unit, which comprises over 80 per cent of the project cost.
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