Oil and Natural Gas Corporation Limited (ONGC) has increased its equity shareholding in ONGC Petro Additions Ltd. (OPaL) from 91.16% to 94.04%. This follows the subscription of 5,59,47,96,935 equity shares, each priced at ₹10, through a rights issue. The total investment made by ONGC in this acquisition is ₹5,594.79 crore.
Key Highlights of the Acquisition:
- Increased Shareholding: ONGC’s stake in OPaL has risen by 2.88%, now holding 94.04% of the equity shares.
- Investment Amount: ONGC has invested a total of ₹5,594.79 crore in this round of share allotment.
- Strategic Objective: The investment aligns with ONGC’s strategy of vertical integration into the downstream petrochemicals sector. This move strengthens ONGC’s foothold in the petrochemical business.
About ONGC Petro Additions Ltd. (OPaL):
- Industry: OPaL operates in the petrochemical industry, with a mega petrochemical complex located in Dahej SEZ, Gujarat.
- Production Capacity: OPaL produces 14 lakh tons of polymers and 5 lakh tons of chemicals annually. The facility includes units for Ethylene, Propylene, and associated chemicals.
- Turnover: The company reported a turnover of ₹14,323 crore in FY24, following ₹14,628 crore in FY23 and ₹16,065 crore in FY22.
This latest move underscores ONGC’s commitment to expanding its presence in the petrochemical sector and aligns with the government’s vision for strengthening the country’s industrial capacity.
TOPICS:
ONGC