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Foreign companies ready to partner HPCL-GAIL JV for AP project

Foreign companies ready to partner HPCL-GAIL JV for AP project

A few foreign players have expressed interest in partnering with Hindustan Petroleum (HPCL) and GAIL to build a petrochemicals complex in Andhra Pradesh, the head of HPCL has said.

An equal joint venture of HPCL and GAIL is planning to build a petrochemicals complex at Kakinada in Andhra Pradesh at an estimated cost of about Rs.30,000 crore. The joint venture is now seeking to induct a third partner.

´We are looking at inducting a strategic investor. We may offer up to 50 per cent stake in the joint venture,´ said Mukesh Kumar Surana, Chairman, HPCL.

´Some international players have shown interest in taking a stake in the JV,´ said Surana, adding that it was all at a preliminary stage. If a deal goes through, HPCL and GAIL may end up jointly holding just 50 per cent in the project.

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