Oil and Natural Gas Corporation (ONGC) has completed the due diligence for the acquisition of Spic Petrochemicals and Tide Water Oil."We have completed the first due diligence, and are currently studying the report," ONGC chairman and managing director Subir Raha said today.ONGC is hoping to conclude the deal for buying Spic Petrochemicals, a 100% subsidiary of Southern Petrochemicals Industries Corporation (Spic), by next fiscal."We haven't put any numbers (value) for acqusitions. We have to take a view on this (after studying the due diligence report)," Raha said, adding it would be wrong to presume the deal was likely soon.ONGC had appointed Ernst & Young as financial advisor for the Spic Petro acquisition. It had mandated Engineers India as its technical advisor, and appointed Amarchand & Mangaldas as legal consultants for the duediligence.Spic Petro has two incomplete PTA and PFY projects at Manali near Chennai with rated capacity to produce 2.5 lakh tonne and 65,000 tonne, respectively.
