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ONGC to infuse about Rs 15,000 crore in ONGC Petro-additions

08 Sep 2023 Evaluate

Oil and Natural Gas Corporation (ONGC) is planning to infuse about Rs 15,000 crore in ONGC Petro-additions (OPaL) as part of a financial restructuring exercise that will see gas utility GAIL (India) being edged out of the petrochemical firm. ONGC currently holds 49.36 per cent stake in OPaL, which operates a mega petrochemical plant at Dahej in Gujarat. GAIL (India) has 49.21 per cent interest and Gujarat State Petrochemical Corp (GSPC) has the remaining 1.43 per cent. The ONGC board last week approved a financial restructuring of the petchem firm which had been making losses due to its high debt.

ONGC will convert share warrants into equity, buy-back debentures and invest Rs 7,000 crore more equity, which will give it about 95 per cent stake. Upon implementation, OPaL would become a subsidiary of ONGC. The financial restructuring will augment the holding of ONGC in OPaL and OPaL will become more profitable. The total cost of acquisition would be Rs 14,864.281 crore.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.

ONGC Share Price

283.95 1.20 (0.42%)
17-Apr-2026 16:59 View Price Chart
Peers
Company Name CMP
ONGC 283.95
Oil India 470.10
Jindal Drilling&Inds 540.15
Deep Industries 476.90
Asian Energy Service 306.05
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