New Delhi, Oct 31: State-owned Oil and Natural Gas Corporation (ONGC) today said it will set up a new 15 million tonne refinery at Kakinada with an investment of Rs 2,500 crore and is in discussion with Hindujas for a stake sale in the refinery.
''The new refinery to be called Kakinada Refinery and Petrochemical Ltd (KRPL) will become operational in next three-four years. We are currently working on the economics and it is too early to say when will the refinery start,'' company Chairman R S Sharma told reporters here.
ONGC Group has a 49 per cent stake in the project with 46 per cent being held by ONGC and the rest three per cent with MRPL.
When asked about the IPO of KRPL, Mr sharma said it is a secondary thing.