Mittal eyes stake in two more refineries

Indian billionaire Lakshmi N. Mittal plans to acquire stakes in two refineries being set up at Bina in Madhya Pradesh and Visakhapatnam in Andhra Pradesh. Mittal is in negotiations to acquire a 20% stake in Bharat Petroleum Corporation Ltd.’s (BPCL) Rs9,100 crores (US$ 2.3 billion) six-million-ton-per-annum refinery in Bina. The refinery is likely to be commissioned by 2010-2011. Mittal is also in negotiations to acquire a stake in Hindustan Petroleum Corporation Ltd.’s (HPCL) proposed greenfield nine-million-ton-per-annum refinery-cum- petrochemical complex at Visakhapatnam. Mittal has already acquired a 49% stake in HPCL’s Bhatinda refinery. (August 25, 2007)