"We are aiming to raise at least 20 per cent of the Dahej project cost through the offering," said a top ONGC official.
OPaL is setting up a Rs 12,500-crore petrochemical complex at Dahej in Gujarat, proposed to be funded through a debt-equity ratio of Rs 8,700 crore and Rs 3,800 crore, respectively.
"We aim to go public once we finalise our equity partners, which should happen in the next two to three months," said the official.
ONGC holds 26 per cent controlling stake in OPaL, while GSPC holds 5 per cent. OPaL has roped in Rothschild and ABN Amro as investment partners for the issue.
Already, global companies such as Japan Polypropylene Corporation (JPP), a joint venture between Chisso and Mitubishi Chemical Corporation; LyondellBasell Industries, which is one of the world's largest polymers, petrochemicals and fuel companies; Ineos group; Mitsubishi Chemicals and Mitsui are eyeing a stake in the project.
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Petronet LNG, with whom the company is set to enter into a long-term gas supply contract, is likely to pick up 5 per cent stake in the project. ONGC is also in talks with oil and gas PSUs like Indian Oil Corporation.
Meanwhile, OPaL has floated a tender for its cracker unit, which involves over 80 per cent of the project cost.
Sources familiar with the development said two consortiums involving German industrial and medical gases giant the Linde Group, South Korea's Samsung, India's top engineering and construction firm Larsen & Toubro and Stone & Webster may compete in the bidding, which is by far one of the largest tenders floated by ONGC.
The petrochemical complex is expected to be ready by mid-2012.