HPCL Plans Diluting Its Stake In HMEL Through An IPO (30-Aug-2010)
Country’s second-biggest oil marketing company, Hindustan Petroleum Corporation (HPCL) is planning to sell a part of its stake in HPCL-Mittal Energy (HMEL) through an initial public offer (IPO). HMEL is a joint venture between HPCL and Singapore-based Mittal Energy Investment, a group company of India-born steel tycoon Lakshmi Mittal. Both partners hold 49% each in the company, while the rest is held by financial institutions. HPCL through this IPO is planning to bring down its stake to 26%. As the company is of view that the money thus raised through the sale of its stake could be used for its other businesses.
HMEL is setting up a 9-million tonne refinery in Bathinda (Punjab) and has invested close to Rs 19,000 crore for this. This refinery will produce petroleum products complying with Euro-IV emission norms. It will also have a 165-megawatt captive power plant and a crude oil pipeline from Mundra (Gujarat) to Bathinda, with single point mooring and crude oil terminal at Mundra.
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