Steel Tycoon L N Mittal
is all set to leave his mark once again with an investment of
Rs. 3,300 crore to acquire a 49% stake in Hindustan Petroleum
Corporation Ltd, India's second largest oil company (HPCL).
HPCL will be holding 49% stake in the project, and the remaining
2% will fall in share of financial institutions. State-owned oil
explorer Oil India Ltd may join the project at a later date.
Mittal has got a nod from HPCL board to join the 9-million tonne
refinery project that is likely to be ready by 2010-end. This
joint venture is expected to be signed in the month of March.
HPCL has made a whopping investment of Rs. 500 crore in set up
of Guru Gobind Singh Refinery Ltd. Mittal would be holding the
stake through Mittal Investments Sarl, the investment holding
arm of Mittal Steel. This arm holds an important place as it is
a partnership with Oil and Natural Gas Corporation’s overseas
arm ONGC Videsh and is registered in Luxembourg.
News reports said HPCL-Mittal has bid for 51% stake in a Nigerian
refinery.
HPCL and Mittal has further plans to collaborate for overseas
business in gas and gas processing, petrochemicals, and other
related business. HPCL-Mittal bidded for 51% stake in Nigerian
Refinery.
HPCL is seeking a tie up with Mittal to overcome some financial
matter as it cannot take up the project forward all by itself.
