NEW DELHI:ONGC Petro additions Limited (OPaL), a petrochemical JV between ONGC, GAIL and Gujarat State Petroleum Corporation, is yet to find a new stakeholder for itself.
While ONGC, which controls around 50 per cent stake in the unit, is ready to shell out around half of its stake and interest is being shown by Aramco, Saudi Arabia’s state-owned oil company and Kuwait Petroleum Corporation, it may take a considerable amount of time before a deal is finalised, said OPaL executives. “We are sure OPaL will get a very high valuation as petro demand in country. We are already churning high profits,” said an executive.