GSPC lines up Rs 5,000 cr IPO
Gujarat State Petroleum Corporation (GSPC), the oil and gas exploration company owned by the Gujarat government, plans to raise around Rs 5,000 crore through an initial public offer (IPO).
Gujarat State Petroleum Corporation (GSPC), the oil and gas exploration company owned by the Gujarat government, plans to raise around Rs 5,000 crore through an initial public offer (IPO).
“We will come out with the IPO in a few months. The exact timing of the offer mainly depends on the market sentiment,” GSPC’s managing director D J Pandian said.
GSPC is currently exploring oil and gas at various locations. “Our ongoing projects include exploration in the KG basin, Cambay onshore and offshore projects, and one offshore block in Egypt. The IPO proceeds will be utilised for these projects,” Pandian said.
The company expects its field development plan (FDP) for the Pundit Deendayal block in the KG basin to be approved by the Director General of Hydrocarbons (DGH) by next month. “If it happens, it would be a big Diwali gift for GSPC. We will start working on the block and production will begin in two and half years,” Pandian said.
The company is also setting up an LNG terminal in association with Mundra Port &
Special Economic Zone Ltd. “The Mundra terminal will have an LNG processing capacity of around 7 million metric tonnes per annum. Some of the (IPO) proceeds will be used for this project too,” Pandian said.
GSPC’s current turnover is around Rs 11,000 crore. “Looking at our ongoing projects, we expect it to rise to Rs 55,000 crore in the next five years,” Pandian said.
“We will come out with the IPO in a few months. The exact timing of the offer mainly depends on the market sentiment,” GSPC’s managing director D J Pandian said.
GSPC is currently exploring oil and gas at various locations. “Our ongoing projects include exploration in the KG basin, Cambay onshore and offshore projects, and one offshore block in Egypt. The IPO proceeds will be utilised for these projects,” Pandian said.
The company expects its field development plan (FDP) for the Pundit Deendayal block in the KG basin to be approved by the Director General of Hydrocarbons (DGH) by next month. “If it happens, it would be a big Diwali gift for GSPC. We will start working on the block and production will begin in two and half years,” Pandian said.
The company is also setting up an LNG terminal in association with Mundra Port &
Special Economic Zone Ltd. “The Mundra terminal will have an LNG processing capacity of around 7 million metric tonnes per annum. Some of the (IPO) proceeds will be used for this project too,” Pandian said.
GSPC’s current turnover is around Rs 11,000 crore. “Looking at our ongoing projects, we expect it to rise to Rs 55,000 crore in the next five years,” Pandian said.