Reuters reported a story that India's Oil and Natural Gas Corp is planning on conductiong an initial public offering of their subsidiary ONGC Petro-additions Ltd. (OPaL), a special purpose vehicle for a new petrochemicals plant, which the India Business Standard reported on Saturday, India time.
"We are planning an IPO of OPaL after the other equity partner or partners to the project are finalized," R.S. Sharma, Chairman and Managing Director of ONGC was quoted as saying.
"We are not in a hurry and it could happen by early next year." An ONGC spokesman said he could not immediately comment on the report.
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