GAIL, Petronet LNG reveal plans to acquire stake in ‘ONGC Petro Additions’

GAIL, Petronet LNG reveal plans to acquire stake in ‘ONGC Petro Additions’GAIL India, the country's largest gas marketing and distribution company, plans to acquire 10% stake in 'ONGC Petro Additions' (OPaL) petrochemical complex project coming up in Dahej. The investment cost of the deal has been estimated at Rs1,500-2,000 crore. Besides GAIL, another Public Sector Unit Petronet LNG (PLL) is also aiming to pick up 5 % stake in the project. ONGC holds 26 % stake in OPaL while government-run Gujarat State Petroleum Corporation (GSPC) holds 5 % equity. The petrochemical complex will be located in the Dahej SEZ and will come up on 500 hectares, with an extraction unit near it on 55 hectares.