M&A

M&A

ONGC to invest Rs.14,864-Cr in petrochem firm OPaL; hike stake to 95%

BSE Disclosure   Economic Times  

Publicly listed, Oil and Natural Gas Corporation (ONGC) will invest INR 14,864.28 crore in ONGC Petro-additions Ltd (OPaL) to hike its stake in the Joint Venture (JV) to about 95%. ONGC currently holds a 49.36% stake in OPaL, which operates a mega petrochemical plant at Dahej in Gujarat. Fellow public sector oil & gas company GAIL holds a 49.21% stake in the JV, while Gujarat State Petrochemical Corp (GSPC) has the remaining 1.43%. As part of the latest deal, ONGC will convert share warrants into equity, buy-back debentures and invest INR 7,000 crore via equity / quasi equity instruments in OPaL. OPaL had reported a revenue of INR 14,628 for FY23.