Investment3 Dec 2024, 10:05 pm
ONGC Acquires Additional 1.12% Stake in Subsidiary OPaL for ₹4,906.2 Crore
AI Summary
Oil and Natural Gas Corporation Ltd (ONGC) has acquired an additional 1.12% stake in its subsidiary ONGC Petro additions Limited (OPaL) by subscribing to 490,62,03,065 equity shares. The investment is in line with the company's objective of vertical integration to downstream Petrochemicals. OPaL is a subsidiary of ONGC with an equity shareholding of 94.57% and has a design capacity of 1.1 MMTPA in terms of Poly-Ethylene (PE) capacity ratings. The turnover of OPaL in FY'24 was ₹14,323 Crore. The acquisition was made for ₹4,906.2 Crore, and the company now holds 95.69% equity stake in OPaL.
Key Highlights
- ONGC has acquired an additional 1.12% stake in its subsidiary OPaL.
- The investment is in line with ONGC's objective of vertical integration to downstream Petrochemicals.
- OPaL has a design capacity of 1.1 MMTPA in terms of Poly-Ethylene (PE) capacity ratings.
- The turnover of OPaL in FY'24 was ₹14,323 Crore.
- ONGC has invested ₹4,906.2 Crore in OPaL for the additional stake.