ONGC Petro additions Ltd to achieve financial closure of by November 2011

In a bid to fast-track execution of the ambitious petrochemical complex at Dahej in Gujarat, ONGC Petro additions Ltd (OPaL) is aiming to achieve financial closure of its project by November 2011, which will be preceded by a lenders meet by September-October this year.

Top company official informed that the project, which was conceived in 2006 would require additional capital, which is likely to be raised through public issue or from financial institutions. The company is putting several measures to expedite execution of the project to meet the deadlines.

The company has consolidated its operations and offices for faster execution and quick decision making. Work contracts have already been issued and nearly 72 per cent work is completed so far. The company have called for a lenders' meet by September-October this year and by November we aim to achieve financial closure for the project. Once that is done, The company will think of raising additional funds either by way of initial public offer (IPO) or through financial institution

The company has set October 2013 as a deadline for the project completion and starting commercial production.