Oil & Natural Gas Corporation Limited — Important, 03-12-2024: Updates

ONGC has successfully acquired 490,62,03,065 equity shares of ₹10/- each from OPaL, increasing its stake in the subsidiary from 94.57% to 95.69%. This allocation represents a financial commitment of approximately ₹4,906.20 Crore. OPaL, which owns a petrochemical complex with a production capacity of 14 lakh tons of polymers and 5 lakh tons of chemicals, generated a turnover of ₹14,323 Crore in FY24. The equity infusion aligns with ONGC's strategy for vertical integration in the petrochemicals sector, supported by approval from the government and its Board of Directors. Investors should view this as a significant step towards enhancing ONGC’s downstream capabilities, potentially capturing growth opportunities in the burgeoning petrochemical market.