Pick and drop

 

 

ONGC, one of the biggest refineries in India, is all set to exit the Kakinada refinery, petrochemicals and SEZ project. This refinery is worth of Rs. 25,600 crores. The GMR Group, which is one of the fastest growing infrastructure companies, will get 51% equity in the Kakinada refinery. ONGC will focus on oil production and gas exploration. ONGC was getting 950 acres of free land, exemption of sales tax and fiscal concessions as SEZ to set up the refinery at Kakinada. The refinery was planned at a capacity of 7.5 million tones which was later doubled to 15 million tone costing around 25,000 crores and an additional cost of Rs 600 crores for a sea pipe line.