HPCL-Mittal Energy JV likely to float IPO next year

Nifty BSE | NSE 10/02/12 Are Mutual Funds betting on Nifty?

HPCL-Mittal Energy (HMEL) is likely to float IPO next year, reports CNBC-TV18 quoting NW18. HMEL is a joint venture between Hindustan Petroleum Corporation and Mittal Energy Investment Pte Ltd, Singapore - a Lakshmi N Mittal Group Company.

As per company's website, both partners hold 49% stake each in the company and the rest 2% is held by financial institutions. HPCL - a Government of India Enterprise - is engaged in the business of oil refining and marketing.

HMEL is building a Grassroot oil refinery of 9 MMTPA at Bathinda in Punjab, called Guru Gobind Singh Refinery Project.

The refinery will produce petroleum products complying with Euro IV emission norms with Captive Power Plant for 165 MW and Crude Oil pipeline from Mundra (Gujarat) to Bathinda with Single Point Mooring (SPM) and Crude Oil terminal at Mundra.