HOME   
   NEWS   
   BUSINESS   
   CRICKET   
   SPORTS   
   MOVIES   
   NET GUIDE   
   SHOPPING   
   BLOGS  
   ASTROLOGY  
   MATCHMAKER  


Search:



The Web

Rediff








Business
Portfolio Tracker
Business News
Specials
Columns
Market Report
Mutual Funds
Interviews
Tutorials
Message Board
Stock Talk



Home > Business > PTI > Report

Shell, Saudi Aramco submit EoI for HPCL

March 17, 2003 13:57 IST

World's third largest oil group Royal Dutch Shell on Monday submitted an initial bid for acquiring government's 34.01 per cent stake in oil refiner Hindustan Petroleum Corporation Limited.

"We have submitted the Expression of Interest," Shell India Vice President (Public/External Affars) Shailja Sharma told PTI in New Delhi.

Official sources said the world's largest oil and gas company by reserves and production Saudi Aramco too submitted the EoI.

Reliance Industries, Kuwait Petroleum Corporation and Petronas of Malaysia too are expected to put in EoIs later in the day.

Monday is the last date for submission of the preliminary bid for acquisition of management control along with the government stake in HPCL.

Government is in the process of offloading about 34 per cent stake of its 51 per cent in HPCL and another five per cent stake would be offered to employees at a concession rate.

Post divestment, government's stake would be reduced to 12 per cent. It has mandated HSBC as global advisor for its stake sale in the country's second largest refining and marketing company, HPCL.



© Copyright 2003 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.





Article Tools

Email this Article

Printer-Friendly Format

Letter to the Editor



Related Stories


Saudi Aramco to bid for HPCL

Oil firms chary of HPCL selloff

HPCL loses steam








HOME   
   NEWS   
   BUSINESS   
   CRICKET   
   SPORTS   
   MOVIES   
   NET GUIDE   
   SHOPPING   
   BLOGS  
   ASTROLOGY  
   MATCHMAKER  
© 2003 rediff.com India Limited. All Rights Reserved.