Mittal to defer investment in proposed Rs 50,000 crore JV refinery project at Vizag

28-Nov-08

UK-based LN Mittal's company Mittal Energy Investments has decided to put on hold its investment in the proposed 15 mln tpa refinery to be built at an outlay of Rs 50,000 crore at Visakhapatnam, being planned by a five-way joint venture involving HPCL, French oil major Total SA, Mittal Energy, Oil India and GAIL (India). The current economic crisis that has affected steel producers greatly, is the responsible factor for the pull out. However, Mittal Energy will continue with its investments in Rs 18,900 crore, 9 mln tpa refinery project underway in Bathinda (Punjab) in partnership with HPCL. The JV-Guru Gobind Singh Refineries is likely to be commissioned in early 2011.