Oil and Natural Gas Corporation as part of its financial restructuring exercise is part of its financial restructuring exercise (ONGC) will infuse about Rs. 15,000 crore Cr, GAIL exits OPA.

The company said in a stock exchange filing that it plans to convert equity certificates into shares, buy back debentures, and invest an additional Rs 70 This will give it a stake of about Rs 95%.

The approved proposal includes the conversion of warrants issued by OPall and acquired by ONGC into equity shares after payment of a final redemption amount of Rs 86,281 crore at a price of "Rs 0.25 per warrant".

OPaL is a joint venture in which ONGC, GAIL (India) Ltd. and GSPC currently hold 49.36% (49.21%) and 1.43% respectively).

Established on November 15, 2006, OPal is an integrated value-added project, a large grassroots petrochemical complex comprising a global dual-feed cracker unit and a downstream polymer unit. It uses ONGC from Hazira and Uran plants Oil streams from Dahej and C2 streams from Dahej extraction plant. Opal is a major tenant of Dahej PCPIR in Gujarat and has exported its products to more than 50 countries worldwide.

OPaL large petrochemical complex produces 1500 home million tons per annum (MMTPA) polymers (1,1000 kg per annum-(KTPA) ethylene, 400 KTPA propylene), 0.5 MMTPA chemicals-cracked gasoline hydrotreating unit, butadiene extraction unit and other products. It is produced in the unit associated with the benzene extraction unit. The polymer plant has a 2×3600 sets of KTPA LLDPE/HDPE a 1×340 swing unit KTPA Specialized HDPE a 1×340 unit and a 1×340 KTPA of PP unit.