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IPO of ONGC’s SPV ?

October 29, 2007

ONGC Petro-additions (OPaL) is the special purpose vehicle (SPV) formed by the company for the Rs 13,500 crore petrochemical complex at Dahej in Gujarat. Oil and Natural Gas Corporation (ONGC) holds 26% cent of the equity in OPaL and Gujarat State Petroleum Corporation (GSPC) enjoys 5% stake as a joint venture partner.

At the current price of Rs 1190, the scrip trades at a PE multiple of 13.80, based on Q1 June 2007 annualised EPS of Rs 86.22.

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