ONGC has increased its shareholding in ONGC Petro Additions Ltd. (OPaL) from 91.16% to 94.04%. The company acquired an additional 2.88% stake for ₹5,594.8 crore, further consolidating its control in the petrochemical venture.
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.
ONGC increases stake in ONGC Petro Additions (OPaL) to 94.04%
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ONGC