The $4 billion (approx Rs 19,200 crore) Bhatinda refinery project in Punjab
may reportedly launch an IPO by end-2009 to raise around Rs 2,000 crore. The
project is co-owned by LN Mittal and HPCL.
According to sources, IPO could be one of the routes to raise funds for the
project expected to go on-stream in March 2011. Post-IPO, the stakes of the two
promoters are likely to be diluted proportionately
HPCL Mittal Energy, the JV company, was set up to execute the 9 million tpa
refinery. HPCL and Mittal Investments hold 49 percent each in the JV, while the
rest is with financial institutions.
Also See:
HPCL's Bhatinda
refinery to be completed by December 2010 (20-Feb-09)