India's biggest oil and gas explorer Oil and Natural Gas Corporation Ltd. (ONGC) said it will sell its 46 percent stake in its refinery and petrochemical plant in Kakinada, citing lack of tax sops.
Sources also told Thomson Financial News that the stake in the refinery and petrochemical plant, which will come up in Kakinada in the southern Indian state of Andhra Pradesh, will be sold to GMR Group.
ONGC will sell the stake in Kakinada Refinery and Petrochemicals (KRPL) through its unit Mangalore Refinery and Petrochemicals Ltd.
IL&FS holds a 51 percent stake in Kakinada Refinery and Petrochemicals, while Kakinada Seaports holds the remaining stake. (Forbes)