Oil and Natural Gas Corp (ONGC) is eyeing at an initial public offering (IPO) of its subsidiary that is building a Rs 13,600 crore petrochemical plant at Dahej. The IPO is being considered around the time of project completion in 2012.According to a senior company official, ONGC is considering selling up to 25% of the equity shares in ONGC Petro-additions Ltd (OPaL), the special purpose vehicle formed for setting up the petrochemical complex at Dahej SEZ.
The company is planning to give 19% equity stake in OPaL to state-run gas utility GAIL India, while another 25% interest may be offered to Petronet LNG and Bharat Petroleum or a strategic partner. ONGC holds 26% stake in OPaL, while Gujarat State Petroleum Corp (GSPC) holds 5% stake.
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