MUMBAI (Thomson Financial) - Mittal Energy Investments Ltd plans to team up with France's Total SA and India's Hindustan Petroleum Corp Ltd (HPCL) to set up a mega greenfield refinery-cum-petrochemical project in India, the Financial Express reported, citing unnamed HPCL sources.
The project is expected to cost over 300 bln rupees, the report added, and will be located near Visakhapatnam in the southern Indian state of Andhra Pradesh.
Mittal Energy Investments is wholly owned by Mittal Investments Sarl, which in turn owns 38 pct in Mittal Steel Company NV, which merged with Arcelor to form Arcelor Mittal -- the world's largest steel company.
The report said a memorandum of understanding for executing this project will be signed 'shortly', adding that HPCL's board met on Wednesday to clear the MoU proposal.
'Confirming the move, a senior HPCL official said the joint venture route was the most appropriate... for the project,' the report said.
It quoted other sources as saying HPCL is already in the process of acquiring 1,500 acres of land from the Andhra Pradesh Industrial Infrastructure Corp for this project.
The report also named GAIL (India) and Oil India Ltd as the other expected joint venture partners.
TFN.newsdesk@thomson.com jro/lam COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
The project is expected to cost over 300 bln rupees, the report added, and will be located near Visakhapatnam in the southern Indian state of Andhra Pradesh.
Mittal Energy Investments is wholly owned by Mittal Investments Sarl, which in turn owns 38 pct in Mittal Steel Company NV, which merged with Arcelor to form Arcelor Mittal -- the world's largest steel company.
The report said a memorandum of understanding for executing this project will be signed 'shortly', adding that HPCL's board met on Wednesday to clear the MoU proposal.
'Confirming the move, a senior HPCL official said the joint venture route was the most appropriate... for the project,' the report said.
It quoted other sources as saying HPCL is already in the process of acquiring 1,500 acres of land from the Andhra Pradesh Industrial Infrastructure Corp for this project.
The report also named GAIL (India) and Oil India Ltd as the other expected joint venture partners.
TFN.newsdesk@thomson.com jro/lam COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.