LN Mittal in talks to acquire stake in Petron Engineering's parent

Billionaire LN Mittal is in advanced talks to acquire stake in Kazakhstan based KazStroy Group, at least two people familiar with the development said on condition of anonymity. The steel baron is looking to pick up around 35% stake in the KazStroy in his personal capacity.

The KazStroy Group is an unlisted EPC company based in Kazakhstan specializing in the oil & gas sector. Petron Engineering Construction, its Indian subsidiary is the only listed company amongst all of KazStroy’s group companies. KazStroy via Perton Investments owns 55.2% stake in Petron Engineering.

When contacted, the spokesperson for Mittal investments said that the company would not comment on market speculations while an email query to KazStroy remained unanswered. The management of Petron Engineering declined to comment to the deal.

A 35% stake in the parent company will give Mittal indirect stake of around 19% in Petron Engineering.

Mittal Investments Sarl is the investment arm of LN Mittal and has interests in the oil and gas space with refineries in India.