HPCL plans to sell stake in arm through IPO

Hindustan Petroleum Corp. Ltd. (HPCL), India’s second-largest oil marketing company, plans to sell a part of its 49% stake in HPCL-Mittal Energy (HMEL) through an initial public offering (IPO). HMEL is a joint venture between HPCL and Singapore-based Mittal Energy Investment, a group company of Indian-born steel tycoon Lakshmi Mittal. Both partners each hold 49% in the company, while the rest is held by financial institutions. (August 29, 2010)