I G Petrochemicals arm enters into JV with Dubai Natural Gas

DUGAS is a wholly owned subsidiary of the Emirates National Oil Company (ENOC) and are a well diversified large conglomerate with interest in the oil and gas industry.

Nov 26, 2015 12:11 IST India Infoline News Service

News Newspaper Text
I G Petrochemicals Ltd has announced that the Company through its wholly owned subsidiary IGPL (FZE) has entered into a Joint Venture with M/s. Dubai Natural Gas Co. Ltd., UAE ("DUGAS") for the manufacturing of Maleic Anhydride with a capacity of 45,000 MTPA.
DUGAS is a wholly owned subsidiary of the Emirates National Oil Company (ENOC) and are a well diversified large conglomerate with interest in the oil and gas industry.
The JV will be called ENOC - I G Petrochemicals LLC.

I G Petrochemicals Ltd ended at Rs. 131.3, up by Rs. 7.3 or 5.89% from its previous closing of Rs. 124 on the BSE.
The scrip opened at Rs. 122.7 and touched a high and low of Rs. 136.2 and Rs. 122.7 respectively. A total of 186560(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 404.34 crore.
The BSE group 'B' stock of face value Rs. 10 touched a 52 week high of Rs. 174.4 on 03-Aug-2015 and a 52 week low of Rs. 40 on 18-Feb-2015. Last one week high and low of the scrip stood at Rs. 136.2 and Rs. 110.6 respectively.
The promoters holding in the company stood at 72.22 % while Institutions and Non-Institutions held 0.06 % and 27.72 % respectively.
The stock traded below its 100 DMA.

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