Lakshmi N Mittal, the owner of Arcelor Mittal plans to sell half of his stake
in a Kazakhstan oil field to ONGC Videsh Ltd (OVL) to compensate for the severe
financial constraint affecting his planned expansion in energy sector.
Mittal Investment Sarl, the holding firm of ArcelorMittal, had in April 2007
acquired 25 per cent stake in Caspian Investments Resources (CIR) from Lukoil,
Russia for $980 million (approx Rs 4,802 crore). Mittal is now keen on selling
12.5 per cent stake to OVL.
Mittal will use these proceeds to fund his share of the $400 million
expenditure planned in the Satpayev block in the highly prospective North
Caspian Sea.
Also See:
LN Mittal may
walk out of Trinidad JV with ONGC (07-Apr-09)