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Cabinet Approves Largest FDI in PSU refinery
Friday, June 22, 2007

The Cabinet Committee on Economic Affairs has formally approved NRI steel magnate Lakshmi Mittalís bid to acquire 49% of the stocks of Hindustan Petroleum Corporationís Bhatinda refinery.

The large-scale refinery with a capacity to process 9 million tones of crude a year will sell its stake for Rs.3, 365 crore to Mittal Energy Investments Pte Ltd headquartered in Singapore .

The company is a wholly owned subsidiary of Mittal Investments based in Luxembourg.

FEMA laws restrict FDI in the petroleum refining sector to 26%, and Mittalís offer to HPCL had to be put up to the Union Cabinet for a special approval. While retaining a 49% stake in the refinery, HPCL intends to shift the remaining 2% to financial institutions.

The Rs.3, 365 crore buyout signals the biggest foreign direct investment in the petroleum refining sector. The Bhatinda refinery will commence processing from September 2010

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