State-run Oil And Natural Gas Corporation (ONGC) plans to issue a global tender to dilute its stake in petrochemicals subsidiary ONGC Petro additions Ltd (OPaL), as part of the government’s asset monetisation programme, a senior company official said at India Energy Week 2026.
“OPaL has become our subsidiary, and we have been mandated to dilute our stake in it and bring it back to a JV structure through a global tender. We are looking for partners. We hope to come out with a global expression of interest (EoI),” Arunangshu Sarkar, director—strategy & corporate affairs at ONGC, said on the sidelines of the event.
He added that while the EoI is expected to be released soon, the company has a timeline till 2030 to complete the monetisation.
Current Shareholding Pattern
ONGC currently holds 95.69% stake in OPaL, while GAIL (India) Ltd. owns about 4.19% and Gujarat State Petroleum Corporation around 0.12%. Sarkar did not specify the quantum of shares that ONGC would offload through the proposed transaction.
The move follows a series of steps taken to stabilise OPaL’s finances and operations.
In August 2024, the Union government approved the infusion of additional equity capital of up to ₹10,501 crore into OPaL, along with the conversion of backstopped compulsorily convertible debentures amounting to ₹7,778 crore and a balance payment of ₹86 crore related to share warrants, taking the total approved investment to ₹18,365 crore.
Operational Strategy Shift
ONGC’s FY25 annual report said the capital restructuring was undertaken to address OPaL’s financial challenges and enable an exit from the special economic zone (SEZ). The company exited the Dahej SEZ in March 2025 and is now operating as a domestic tariff area unit.
To ensure feedstock stability, the Centre also approved the allocation of up to 3.2 million standard cubic metres per day of gas from new wells, the report said.
Operationally, OPaL recorded sales of 1,785 kilotonnes of petrochemical products in FY25, compared with 1,769 kilotonnes in the previous fiscal. Revenue from operations stood at ₹14,804 crore in FY25, up from ₹14,307 crore in FY24.
OPaL operates a petrochemical complex at Dahej, Gujarat, with capacity to produce 1.5 million tonnes per annum of polymers and 0.5 million tonnes per annum of chemicals.