ONGC to invest ₹15,000 crore in OPaL to take majority control; GAIL to sit out as part of restructuring
ONGC currently holds 49.36 per cent stake in OPaL, which operates a mega petrochemical plant at Dahej in Gujarat. GAIL (India) Ltd has 49.21 per cent interest and Gujarat State Petrochemical Corp (GSPC) has the remaining 1.43 per cent, according to the report.
State-owned Oil and Natural Gas Corporation (ONGC) will invest ₹15,000 crore in ONGC Petro-additions Ltd (OPaL) as part of a financial restructuring exercise. The move will result in gas utility GAIL being edged out of the petrochemical firm, according to a report by news agency PTI.