Kuwait Petroleum Corporation (KPC) is likely to acquire a minority stake in
the Indian Oil Corporation's (IOC) planned Paradip petrochemical complex in
Orissa.
Currently, the two companies are holding discussions for the proposed stake
acquisition. However, financial details of the deal have not been disclosed.
KPC and Saudi Aramco had initially declined to acquire a stake in the Rs
30,000-crore Paradip refinery-cum-petrochemical project without marketing rights
for selling the products to Indian consumers.
Also See:
OIL-IOC to exit Gulfsands acquisition race (5-May-10)
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