London's Vedanta eyes stake in a Rajasthan refinery project

India News Bulletin Desk

London-based Vedanta Resources is looking to buy a minority stake in an oil refinery project in India's western state of Rajasthan, the Hindustan Times reported today [Sunday].

Vedanta, a natural resources group, is keen on a “small” stake in the Rs. 20,000-crore oil refinery planned in Barmer in Rajasthan, according to the state’s chief minister Ashok Gehlot.

The news comes after Vedanta Group chairman Anil Agarwal met the chief minister to discuss the issue of the proposed refinery in the state.

Other parties likely to buy stakes in the Barmer oil refinery project include state-owned Oil and Natural Gas Corporation (ONGC) and Hindustan Petroleum Corporation Ltd (HPCL) 

In December, Vedanta completed its $8.67bn acquisition of Cairn India. Earlier in June, Edinburgh-based Cairn Energy sold £230m worth of shares in Cairn India.


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