Mittal, HPCL venture to raise $1 bn

Billionaire Lakshmi Mittal's refinery venture with Hindustan Petroleum Corp, India's second-biggest state-run refiner, will raise as much as $1 billion through overseas borrowings in four years.

The venture, which is setting up the plant in the northern Indian state of Punjab, will additionally raise as much as Rs 80 billion in India, Hindustan Petroleum Chairman Arun Balakrishnan told reporters in New Delhi on Wednesday.

The refinery, in which Mittal will hold a 49 per cent stake, will be ready within 48 months, Balakrishnan said.