ONGC invests Rs 150 bn in OPaL, GAIL to take control

08 Sep 2023 CW Team

The state-owned Oil and Natural Gas Corporation (ONGC) has announced its plan to inject approximately Rs 150 billion into OPaL as part of a financial restructuring initiative. This move will result in the gradual exit of gas utility company GAIL from the petrochemical firm. Currently, ONGC holds a 49.36% stake in ONGC Petro-additions (OPaL), which operates a large-scale petrochemical plant located in Dahej, Gujarat. Meanwhile, GAIL (India) holds a 49.21% interest, with the Gujarat State Petrochemical Corp (GSPC) possessing the remaining 1.43%.

The financial restructuring of the petrochemical firm, which had been facing losses due to its substantial debt, was approved by the ONGC board last week. ONGC intends to convert share warrants into equity and undertake a debenture buy-back, in addition to investing an additional Rs 70 billion in equity. As a result, ONGC's stake in OPaL is expected to increase to approximately 95%.

The approved proposal entails "the conversion of share warrants issued by OPaL and subscribed by ONGC into equity shares upon the payment of final call money amounting to Rs 860 million at the rate of Rs 0.25 per warrant," according to the company's statement. Furthermore, ONGC plans to "buy back compulsory convertible debentures (CCDs) worth Rs 77.78 billion." These CCDs were initially issued by OPaL with the support of ONGC and are currently held by financial institutions.

ONGC also intends to invest Rs 70 billion in equity or quasi-equity securities of OPaL. Once these measures are put into effect, OPaL will become a subsidiary of ONGC, the company confirmed.

This financial restructuring is expected to bolster ONGC's ownership in OPaL and enhance the profitability of OPaL. The total acquisition cost for these actions is estimated to be Rs 148.64 billion, according to the company's statement.

Also read:
India aims to lead as green fuel refuelling hub for shipping
IREDA partners with Union Bank of India, BoB to boost RE growth

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..