The Cabinet Committee on Economic Affairs (CCEA), on Thursday, will consider petroleum ministry proposal to allow steel baron Lakshmi N Mittal to pick up 49 per cent stake in state-run HPCL's Bhatinda refinery, Petroleum Minister Murli Deora said on Wednesday.
The petroleum ministry has granted project-specific approval to Mittal Investments Sarl, the holding company of L N Mittal, to pick up stake in Hindustan Petroleum's refinery.
The proposal was required as per the current policy, which restricts foreign direct investment in public-sector petroleum refineries to up to 26 per cent. The current policy also restricts PSU holding to 26 per cent in such projects and makes it mandatory for the balance 48 per cent to be offered to public.
Mittal Investments will acquire 49 per cent stake in the refinery for Rs 3,365 crore through its 100 per cent arm, Mittal Energy Investments Pte Ltd, incorporated in Singapore.
(Source: Economic Times)
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