On 21 June 2007, the Union Cabinet
approved the the proposal of Lakshmi N Mittal to pick up 49 per cent stake in
Hindustan Petroleum Corporation's Guru Gobind Singh Refinery at Bathinda.
Mittal Investments plans to acquire
the stake in the 9 million tpa refinery for Rs.3,365 crore through its 100 per
cent arm, Mittal Energy Investments Pte, incorporated in Singapore. The Cabinet
approval was required since current government policy restricts foreign direct
investment in public-sector petroleum refineries to up to 26 per cent.
Also See:
Cabinet decision
on Guru Gobind Singh refinery soon (19-Jun-07)
Related Links:
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