Gas Authority of India Ltd. or GAIL said it has acquired 9% equity stake in a petrochemical plant project of ONGC Petro additions Ltd. or OPaL, compared to 19% sought by the company. The project is coming up at Dahej in Gujarat, reports media quoting a statement from ONGC official.
A.K. Balyan, Director In-Charge (BD&JV), reportedly said the company is considering for some more stakeholding.
Balyan added that with 50% of equity almost being tied up now, the company has to refuse to lot of overseas companies, who have shown interest in investing in the project. The company plans to offer 25% to public on premium after the project takes some shape. Commissioning of the project is largely dependant on the setting up of cracker unit, he said.
OPaL will use C2-C3 (ethane and propane) compounds extracted from imported liquefied natural gas (LNG) to make polymers at the proposed plant, the release said.
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