SPIC Ltd is hopeful that the acquisition of SPIC Petrochemicals, a subsidiary of SPIC Ltd, by ONGC is likely to be completed soon.
A C Muthiah, Chairman, SPIC, said that modalities had already been finalised by consultants appointed by ONGC and entire procedure may be completed within a month.
ONGC Chairman, Subir Raha, declined to comment but indications are that company was likely to take a decision soon.
On the advice of Petroleum Ministry, ONGC had taken interest in the project.
Ernst & Young was appointed as the lead advisor for the proposed acquisition.
Engineers India Ltd (EIL) and Amarchand & Mangaldas, a law firm, were appointed as technical and legal consultants, respectively, for conducting proper investigation.
The consultants submitted their reports in February-March this year.
marketing@alchempro.com
