"ONGC IPO FOR NEW PLANT"

Oil and Natural Gas Corp (ONGC) is planning an initial public offering of its subsidiary, which is building the Rs 12,440 crore petrochemical plant at Dahej in 2011, even as it agreed to give the state gas utility GAIL India a 19 per cent stake in the mega project.

The public sector major is considering selling up to 25 per cent of the equity shares in ONGC Petro-additions Ltd (OPaL), the special purpose vehicle formed for setting up the petrochemical complex at Dahej SEZ, a senior company official said. "The IPO will happen at least one-and-half years from now when there is visible activity on ground," he said.

ONGC on Saturday evening "in-principle" agreed to GAIL’s request for 19 per cent stake in the venture.
— Source:PTI