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Oil and Natural Gas Corporation (ONGC) will invest approximately Rs 15,000 crore in ONGC Petro-additions Ltd (OPaL) as part of a financial restructuring plan, resulting in GAIL being edged out of the petrochemical firm. ONGC currently holds a 49.36% stake in OPaL, with GAIL (India) Ltd holding 49.21% and Gujarat State Petrochemical Corp holding the remaining 1.43%.
GAIL and GSPC will now together hold close to 5 per cent in OPaL post-financial restructuring.
Oil And Natural Gas Corporation: The proposal approved includes "conversion of share warrants issued by OPaL and subscribed by ONGC into equity shares upon payment of final call money of INR 86.281 crore at the rate of INR 0.25 per warrant," it said.
New Delhi: Oil and Natural Gas Corporation (ONGC) will inject about Rs 15,000 crore in OPaL as part of a financial restructuring exercise.
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