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Gail's stake in Opal drops since project faces cost overruns and delays

6:59 AM MDT | June 16, 2014 | Natasha Alperowicz

Gail India will cut its equity stake in ONGC Petro-additions’ (Opal, Vadodara) world-scale petrochemical project at Dahej, India, from 19.0% to 11.6 %, since the project faces major cost overruns, local media reports today. Gail, in 2008–09, acquired a 19% stake in Opal, the construction of which is near complete. The project’s costs have escalated by 72%, from the original estimates of 124.4 billion Indian rupees ($2.08 billion) to Rs214 billion. Gail’s officials say that the company originally agreed to invest up to Rs10 billion in the...

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