Loss-making ONGC JV may get package to turn profitable in 2 years

Equity infusion, capital revamp of petrochemicals producer on cards

The Centre is working on a dedicated financial package to turn the financially beleaguered ONGC Petro Additions Ltd (OPaL) profitable in the next two years, officials said.
 

Aimed at reducing the debt equity ratio of the petrochemicals producer, the package may be announced in the next few months, they said.
 

ONGC had set FY25 as the deadline for turning around the mega petrochemicals complex in Dahej, Gujarat, which has suffered major losses owing to a lopsided capital structure. The issue is under discussions with the finance ministry, which has to green light a proposed investment by ONGC into OPaL, officials