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November 28, 2015 12:24 AM ET


Company Overview of ONGC Petro-Additions Limited

Company Overview

ONGC Petro-Additions Limited engages in the development of a petrochemical plant. It deals with organic, inorganic, or synthetic chemicals and chemical compounds; petrochemicals, polymers, resins, solvents, and other allied chemicals; and derivatives, by-products, co-products, alkalis, acids, and gases, obtained from crude oil, natural gas, and petroleum products. The company undertakes manufacturing, production, processing, conversion, formulation, blending, storing, transportation, warehousing and distribution, sales, and other transactions of these items. ONGC Petro-Additions Limited was founded in 2006 and is based in India.



Founded in 2006

Key Executives for ONGC Petro-Additions Limited

ONGC Petro-Additions Limited does not have any Key Executives recorded.

ONGC Petro-Additions Limited Key Developments

Talks With PIC Over ONGC Petro Remain Inconclusive

Oil and Natural Gas Corp. Ltd. (NSEI:ONGC) said the talks to sell stake in ONGC Petro-Additions Limited to Petrochemical Industries Company(PIC) remain inconclusive. PIC was in talks to buy at least 26% additions. "Discussion had been held with PIC, Kuwait for equity participation in OPaL project up to APril 2015. However, no recent developments on this front have taken place for the last two months and the discussion remain inconclusive as of date," ONGC said in a regulatory filing.

ONGC Petro-Additions Is Reportedly In Stake Sale Talks With Petrochemical Industries

ONGC Petro-Additions Limited (OPaL) has revived talks for stake sale to strategic partners, especially to Petrochemical Industries Company (PIC). PIC is in talks to pick up as much as 40% stake in OPaL, according to two people familiar with the development who did not wish to be identified. The deal size is expected to be around INR 35 billion-INR 40 billion, they said. The talks are at an advanced stage and the deal is expected to be finalized in the next two to three months, ahead of the commissioning, that person said. OPaL has also appointed Ernst & Young as advisors to the deal, said one of the two people cited above. An email sent to a PIC official remained unanswered, reported MINT.

ONGC Petro-Additions May Consideration Public Float Next Year

ONGC Petro-Additions Limited is looking for strategic partners from India and overseas and would shortly appoint another financial advisor for the same, a person said. A public float sometime in 2016 is also under consideration, people said.

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