ONGC joint venture mulling public float

 ONGC Chairman & Managing Director R S Sharma, said OPaL may go in for the IPO just before the completion of the project targeted for December 2012. 

“Petronet LNG Ltd (PLL) is also set to pick up a stake of 10 per cent in The project as a strategic partner. We have already achieved financial closure for the estimated project cost of Rs.12,440 crore. Its debt-equity ratio will be 70:30. Debt has been tied up with a consortium of 26 banks last year for Rs.8,706 crore with an interest rate of 12 per cent.”

ONGC holds 26 per cent, GAIL 19 per cent & GSPC 5 per cent in OPaL, which is billed as India’s largest dual feed cracket unit plant with a ethylene cracking capacity of 1.1 MMTA.