Kazakh firm buys India's Petron Engineering

Kazakhstan’s KazStroy Service Oil and Gas Construction Company is believed to have acquired Mumbai-based Petron Engineering Construction (PECL) and its associate companies for about Rs200 crore (US$33 million). An investment company that holds shares in both companies, Petron Investments, has also been taken over by KazStroy. Indian promoters hold 63.45% in PECL of which Petron Investments (PIPL) owns 52.22%. The Indian public holds 27.17% stake in the company and institutional investors hold the remaining stake. (June 19, 2007)