1. I am bullsh on the prospects of GMR, however stock is presently in downtrend and despite that I am posting this information spcifically for our avid reader SIR DOn and same is appended below:
2. GMR is one of the candidiates which will most probably replace Oil and Natural Gas Corporation (ONGC), in the proposed Rs 31,000 crore refinery and petrochemical plant at Kakinada in Andhra Pradesh. The refinery and petrochemical is being implemented by Kakinada Refinery and Petrochemicals (KRPL), in which MRPL (ONGC’s subsidiary) had 46 per cent stake, IL&FS 51 per cent stake and the Andhra Pradesh government 3 per cent stake through Kakinada Seaports. The reversal in ONGC stand is due to its proposal to get tax incentives of Rs 16,000 crore from the Andhra Pradesh government being turned down.
3. However an oficial communication from ONGC is yet to be given regarding its not taking on the project. Moreover it is still not known that how much GMR will pay to ONGC. It is important to note that Hinduja group, Reliance Industries and Essar Oil have shown interest in the refinery and petrochemical project.
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GMR most likely candidate to take over ONGC’s Kakinada refinery.
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