PTI reported that liquefied gas importer Petronet LNG Ltd is keen to acquire up to 10 per cent stake in ONGC Petro-additions Ltd which is setting up a cracker complex in Gujarat.

Mr A K Balyan director (Human Resources and Business Development) of ONGC told reporters that “Petronet LNG has shown interest to acquire up to 10% stake in OPaL. The board will take a decision on the matter.”

He said that the company is also looking to hit the capital market in the next year but has yet to decide on the amount of stake to be made public.

Mr Balyan said that “We are certainly looking at an IPO for OPaL and it is up to the board to decide how much would be off-loaded. The IPO is likely to happen next year.”

OPaL is INR 12440 crore petrochemicals project, being set up by ONGC at Dahej in Gujarat.

ONGC holds 26 per cent stake in OPaL, the special purpose vehicle formed for setting up a chemical complex at Dahej SEZ.

(Sourced from Press Trust of India)