Rediff India Abroad
 Rediff India Abroad Home  |  All the sections

Search:



The Web

India Abroad




Newsletters
Sign up today!

Mobile Downloads
Text 67333
Article Tools
Email this article
Top emailed links
Print this article
Contact the editors
Discuss this Article


Home > Business > PTI > Report


Mittal, Total sign deal with HPCL

October 18, 2007 19:34 IST

Steel baron L N Mittal and French oil major Total on Thursday signed an agreement with state-run HPCL [Get Quote] for jointly setting up a $6 billion refinery-cum petrochemical complex at Vishakhapatnam in Andhra Pradesh.

State-run gas utility Gail India [Get Quote] and exploration firm Oil India Limited are the other stakeholders in the proposed 15 million tonne refinery and one million tonne petrochemical complex.

"The five partners have signed an MoU today to study feasibility of the refinery-cum petrochemical complex," HPCL chairman and managing director Arun Balakrishnan said.

Total of France will take lead in conducting the feasibility study for the refinery project while Gail would take charge of the feasibility study of the petrochemical unit.

This will be Mittal's second investment in energy sector in India, the first being 49 per cent stake in HPCL's Bhathinda refinery.

Balakrishnan said the exact equity structure and the project cost would be decided only after the feasibility studies are completed.



© Copyright 2007 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.



Advertisement
Advertisement