Vedanta Resources is planning to acquire a minority stake in oil refinery in Rajasthan. The R200 Bn (estimated) refinery coming up at Barmer will have a capacity to refine 9Mn tones a year.
Last year, the company acquired controlling stake in Cairn Energy for $8.7Bn which pumps around 1.75 lakh barrels a day from district of Barmer.
Earlier this June, Vedanta Resources Plc acquired 24.5% stake in Raykal Aluminium Company Private Limited for R200.7Cr.
In 2005, ONGC which owns 30% interest in the Barmer oilfields of Cairn India, committed to build the refinery but later the project was left pending. Recently, HPCL was interested to build the refinery and proposed to acquire 51% stake in the project.
ONGC and EIL are also expected to hold 26% and 5% stake in the proposed refinery.
The balance 18% will be held by the state government and possibly, by Vedanta Resources.
HPCL operates 2 major refineries producing a wide variety of petroleum fuels & specialties, one in Mumbai (West Coast) of 6.5 MMTPA capacity and the other in Vishakapatnam, (East Coast) with a capacity of 8 .3 MMTPA. HPCL holds an equity stake of 16.95% in MRPL, a state-of-the-art refinery at Mangalore with a capacity of 9 MMTPA. In addition, HPCL is constructing a 9 MMTPA refinery at Bathinda, in the state of Punjab, as a Joint venture with Mittal Energy Investments Pte. Ltd.
HPCL has acquired 50% stake in Prize Petroleum from ICICI Bank, ICICI Ventures and HDFC.
Recently, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited were planning to acquire strategic stake in upcoming floating LNG unit of Swan Energy limited.
HPCL was planning to acquire 11% stake in Kannur International Airport Limited, a SPV formed with Kerala government for R55Cr.
MRPL was planning to acquire controlling stake in Haldia Petrochemicals Limited for forward integration.
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