Cabinet approves Mittal Energy Investments as JV Partner in Bhatinda refinery Project

The Union Cabinet today approved the formation of the Joint Venture as envisaged under the JV agreement and addendum with the induction of M/s. Mittal Energy Investment Pte. Ltd., 100% subsidiary of Mittal Investments, S.a.r.l., Luxembourg in Guru Gobind Singh Refineries Ltd. with 49% equity. The Cabinet has also given its approval for authorising Hindustan Petroleum Corporation Ltd. (HPCL) to make its investment of 49% in JV.

This will enhance the availability of petroleum products in the north. This JV will be the largest FDI in PSU in refining sector. This decision will result in industrialisation and creation of jobs in Punjab. It will also help in globalization of HPCL.

Source : Press Information Bureau

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