Mittal pays first instalment for 49 pc in Bhatinda
India-born billionaire Lakshmi N Mittal on Wednesday made a payment of Rs 500 crore as the first instalment for picking up 49 per cent stake in HPCL's Rs 18,919 crore Bhatinda refinery.
By PTI |
NEW DELHI: India-born billionaire Lakshmi N Mittal on Wednesday made a payment of Rs 500 crore as the first instalment for picking up 49 per cent stake in HPCL's Rs 18,919 crore Bhatinda refinery.
Mittal Investments Chairman L N Mittal today handed over a cheque of Rs 500 crore to HPCL chairman and managing director Arun Balakrishnan here.
Mittal has picked up 49 per cent in Bhatinda Refinery, the same as Hindustan Petroleum. The balance two per cent stake is with financial institutions.
Mittal Energy Investments Pte Ltd, a subsidiary of Mittal Investments, has parked $110 million in an escrow account as guarantee for its 49 per cent stake in the nine million tons Bhatinda refinery project.
The project is being financed in 1.5:1 debt-equity ratio. Total equity investment by Mittal and HPCL would be Rs 3,577.50 crore each.
Mittal's investment in Bhatinda is the single largest foreign direct investment (FDI) in the refining sector and his coming on board has helped the project take off, Petroleum Minister Murli Deora had said earlier.
Mittal Investments Chairman L N Mittal today handed over a cheque of Rs 500 crore to HPCL chairman and managing director Arun Balakrishnan here.
Mittal has picked up 49 per cent in Bhatinda Refinery, the same as Hindustan Petroleum. The balance two per cent stake is with financial institutions.
Mittal Energy Investments Pte Ltd, a subsidiary of Mittal Investments, has parked $110 million in an escrow account as guarantee for its 49 per cent stake in the nine million tons Bhatinda refinery project.
The project is being financed in 1.5:1 debt-equity ratio. Total equity investment by Mittal and HPCL would be Rs 3,577.50 crore each.
Mittal's investment in Bhatinda is the single largest foreign direct investment (FDI) in the refining sector and his coming on board has helped the project take off, Petroleum Minister Murli Deora had said earlier.
ADVERTISEMENT
NEW DELHI: India-born billionaire Lakshmi N Mittal on Wednesday made a payment of Rs 500 crore as the first installment for picking up 49 per cent stake in HPCL's Rs 18,919 crore Bhatinda refinery.
Mittal Investments Chairman L N Mittal today handed over a cheque of Rs 500 crore to HPCL chairman and managing director Arun Balakrishnan here.
Mittal has picked up 49 per cent in Bhatinda Refinery, the same as Hindustan Petroleum. The balance two per cent stake is with financial institutions.
Mittal Energy Investments Pte Ltd, a subsidiary of Mittal Investments, has parked $110 million in an escrow account as guarantee for its 49 per cent stake in the nine million tons Bhatinda refinery project.
The project is being financed in 1.5:1 debt-equity ratio. Total equity investment by Mittal and HPCL would be Rs 3,577.50 crore each.
ADVERTISEMENT
Mittal's investment in Bhatinda is the single largest foreign direct investment (FDI) in the refining sector and his coming on board has helped the project take off, Petroleum Minister Murli Deora had said earlier.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
