An initial public offering (IPO) from ONGC Petro-additions Ltd (OPaL) is planned for 2012 for the proposed Rs12,440 crore ($2,733m) petrochemical complex in Dahej, Gujarat.
OPaL is expected to announce the IPO just before the completion of the project in December 2012, according to economictimes.com.
Once fully operational, OPaL will be India's largest dual feed cracker unit plant with an ethylene cracking capacity of 1.1 million tonnes per annum (mmta).
The petrochemical project will have a capacity of 1.9mmta inclusive of all products and generate Rs12,000 crone ($2,636m) revenue yearly.
OPaL's 50% product line, which includes polypropylene for plastic producers and butadiene for other downstream industrial applications, will be exported.
ONGC holds 26%, GAIL 19% and GSPC 5% of shares in OPaL.