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Mittal, Essar eye stake in Prize Petroleum

Mittal, Essar eye stake in Prize Petroleum
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First Published: Wed, Jan 23 2008. 12 08 PM IST
Updated: Wed, Jan 23 2008. 12 08 PM IST
New Delhi: Steel magnate Lakshmi Mittal and Indian refiner Essar Oil are among those competing to buy a stake in Prize Petroleum, 50% owned by Hindustan Petroleum Corp., HPCL’s chief said on 23 January.
“Mittal, Larsen & Toubro, Jaiprakash Associates and Essar Oil are doing due diligence for buying stake of financial institutions in Prize Petroleum,” HPCL chairman Arun Balakrishnan told Reuters.
ICICI Bank, India’s second largest lender, owns 45% in Prize, while mortgage firm Housing Finance Development Corp. has the remaining 5%, and Balakrishnan said they are not keen to invest further.
He said the sale should be completed within two months, but it would be up to ICICI to determine exactly when.
Prize operates three small fields in western India and is considering a rights issue to fund its exploration expenses.
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First Published: Wed, Jan 23 2008. 12 08 PM IST