Wednesday, November 21, 2007

The Man of Steel gets his hands in Oil

After becoming the country’s Steel baron, L. N. Mittal has set his eyes on oil. Taking an exception to the current 26% FDI limit in public-sector petroleum refineries, government gave green signal to Mittal, allowing him to pick up 49% stake in Bhatinda refinery of HPCL for Rs.33.65 billion. The stake in the state run refinery with a capacity of nine million tonnes per year is being acquired through Singapore- based Mittal Energy Investments. The deal marks Mittal’s foray into the oil sector and is also the largest FDI in the PSU refining sector. Land of Uncle Sam; worth $2 billion Indian investments in the US have touched the $2 billion mark in 2006-07. The IT and the ITeS sectors accounted for 48% of the total deals. The investment figure is likely to go beyond $10 billion by 2010. Motivated by factors like greater profitability, cost advantage and a moderate regulatory atmosphere promoted by the government, a total of 48 overseas deals were inked in 2006-07. Also, many small and mid-sized deals contributed somewhere between $20-60 million. A joint study by FICCI & Ernst and Young predict better activity in this sector.

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Source : IIPM Editorial, 2007

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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