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Report: ONGC looking to acquire other stakes in petrochemical firm

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Report: ONGC looking to acquire other stakes in petrochemical firm

Oil and Natural Gas Corporation Ltd. is looking into acquiring the other stakes in petrochemical firm ONGC Petro additions Ltd., according to a Sept. 11 report from Reuters, citing the company's director of finance Subhash Kumar.

The Indian integrated oil and gas company is considering the option of converting the company into a subsidiary through the conversion of share warrants and debenture into equity. Kumar told Reuters ONGC's stake in the company could increase to 70% upon conversion of 26 billion rupees of share warrants into equity and to around 93% upon conversion of 77.78 billion rupees of debentures into shareholdings.

The Indian firm currently holds a 49.36% stake in the company while gas utility Gail (India) Ltd. owns a 49.21% interest. Gujarat State Petroleum Corp. Ltd. holds the remaining stake.

ONGC will decide by the end of its fiscal year on whether ONGC Petro will be a subsidiary, Reuters reported. ONGC is also planning to list the company in another two years after the conversion.

As of Sept. 10, US$1 was equivalent to 71.91 Indian rupees.