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ONGC wants to take Opal out of SEZ as domestic demand grows.


Date: 13-11-2019
Subject: ONGC wants to take Opal out of SEZ as domestic demand grows
MUMBAI: With the rising domestic demand for petrochemicals, ONGCNSE 0.50 % Petro additions (OPaL), a JV between ONGC, Gujarat State Petroleum Corporation and Gail at the Dahej SEZ, is working towards getting the domestic tariff area (DTA) access to gain from the lower tax regime now.

A DTA setup enables a company to set up manufacturing units that cater to the domestic market, while an SEZ unit is meant only for exports. Also fewer documentation and monitoring are required in DTA units compared to SEZ units.

"We began our business from the SEZ, but our exports are hardly 15 percent of total sales. We are now working towards getting access to the DTA so that we can serve the domestic market," OPal managing director Avinash Verma told reporters on the sidelines of a petrochemicals summit.

The move if achieved will also enable to company to gain from the new corporate tax regime, which will take care of the end of the very low tax benefits from the SEZ unit.

He further said the process may take another six months as it will need to get certain approvals from various agencies and stakeholders.

When asked if the company is looking at strategic partnerships with international firms, Verma said, "we are evaluating that options as well."

According to reports, ONGC had held talks with Saudi Arabian firms like Saudi Basic Industries Corp (Sabic) and Saudi Aramco for selling stake in the petrochemical unit.

Verma further said the unit, which is operating at 95 percent capacity currently will achieve 100 percent very soon.

Source: economictimes.indiatimes.com

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