ONGC exits Kakinada, GMR enters

Private infrastructure company GMR will replace state-owned Oil and Natural Gas Corporation (ONGC) in the proposed Rs 31,000-crore refinery and petrochemical plant at Kakinada in Andhra Pradesh. The exit follows the country's largest oil and gas producer's claims over the past year that the project was unviable. ENTRY STRATEGY # GMR will hold 51% in the Kakinada Refinery and Petrochemical Ltd (KRPL), the company implementing the project # No tax sops to be extended to GMR