Ongc: ONGC to take OPaL control, ease out GAIL


NEW DELHI: State-run explorer ONGC will invest Rs 15,000 crore in ONGC Petro-additions (OPaL) as part of a financial restructuring plan that will see public sector gas utility GAIL exiting the petrochemical joint venture.
According to a stock exchange filing by ONGC, the company board approved the financial restructuring of OPaL last week as the plant, located at Dahej in Gujarat, was incurring losses due to a high level of debt. ONGC holds 49.4% stake in OPaL and GAIL 49.2%.

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