India’s Oil and Natural Gas Corp Ltd plans to buy out the rest of a western Indian petrochemical project it does not already own and launch a public offering if it fails to find a strategic partner for it, its head of finance said on Wednesday.
ONGC will decide by the end of its fiscal year on whether to make OPaL a subsidiary, he said. “After making it a subsidiary, it will take another two years to list the company,” Kumar said. ONGC has long tried to bring in a strategic partner in the petrochemical project but failed to strike a deal so far.
Reuters reported last year that Saudi Basic Industries Corp (SABIC), world’s no. 4 petrochemical company, had shown interest in buying about half of the project. SABIC’s Kuwait Petroleum Corp had also shown interest in buying a stake.
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