ONGC to come out with IPO for its $2.5 bn plant

ONGC will come out with an initial public offer of its unit that is building a petrochemical plant at Dahej in 2011-12. "We would look for an IPO closer to the completion of the $2.5 billion project ... We do not need funds for next two years," ONGC Chairman RS Sharma told reporters. ONGC holds 26 per cent stake in ONGC Petro-additions Ltd (OPaL), while state run GAIL has 19 per cent and GSPC has five per cent. Sharma said the company has received commitment for more than Rs 8,000 crore for the debt component of the project from banks.