MUMBAI, Oct 27 (Reuters) - India's Oil and Natural Gas Corp
<ONGC.BO> is planning an initial public offering of ONGC
Petro-additions Ltd. (OPaL), a special purpose vehicle for a new
petrochemicals plant, the Business Standard reported on Saturday. "We are planning an IPO of OPaL after the other equity
partner or partners to the project are finalized," R.S. Sharma,
Chairman and Managing Director of ONGC was quoted as saying.
"We are not in a hurry and it could happen by early next
year." An ONGC spokesman said he could not immediately comment on
the report.
Currently, ONGC holds 26 percent equity in OPaL and the
Gujarat State Petroleum Corp. holds 5 percent, the report said.
The petrochemicals plant is scheduled to come up by 2010 and
would have a 1.1 million-tonne-per-annum ethylene capacity dual
feed cracker, as well as polymer plants, the report said.
((Reporting by Ruchira Singh; editing by Valerie Lee; Reuters
Messaging: [email protected]; Tel:
+91-22-66369287))
Keywords: ONGC OFFER/