Australian mining group BHP Billiton is in talks to buy a 51 pct stake in Mumbai-based mineral producer and exporter Ashapura Minechem Ltd's 25 bln rupees alumina refining project in the eastern state of Orissa, the Business Standard reported citing sources.
The two companies will invest 8 bln rupees towards equity and the remaining 17 bln rupees will be mobilised through debt, sources added. Ashapura will hold the remaining 49 pct in the joint venture company.
The paper said Ashapura's managing director, Chetan Shah declined to disclose the identity of the partner but said government clearance would take another three months and the project would be commissioned by the end of next year.
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