Summary
With the much-delayed mega petrochemical complex at Dahej in Gujarat all set to be commissioned in the next six months, ONGC Petro additions Ltd (OPaL) has revived talks for stake sale to strategic partners, especially to Petrochemical Industries Company (PIC), a subsidiary of state-run Kuwait Petroleum Corporation (KPC). PIC is in talks to pick up as much as 40% stake in OPaL, according to two people familiar with the development who did not wish to be identified. The deal size is expected to be around Rs.3,500-4,000 crore, they said.
OPaL, set up by state-owned Oil and Natural Gas Corporation in 2006, has also appointed Ernst & Young as advisors to the deal,......