Two joint ventures of steel baron Lakshmi Niwas Mittal with ONGC Videsh Ltd are shutting shop, documents filed with the Registrar of Companies (RoC) show.
The joint venture partners are Mittal Investments Sarl, the private investment company of the Mittal family, and ONGC Videsh, the overseas exploration and production arm of state-run explorer Oil and Natural Gas Corp. Ltd (ONGC).
The first venture, ONGC Mittal Energy Ltd (OMEL), has ONGC Videsh holding 49.98% and Mittal Investments 48.02%. SBI Capital Markets holds the balance 2% stake.
The company was formed in 2006 to source equity oil and gas from abroad for securing India’s energy independence. Read More…
Latest posts by Livemint (see all)
- Railways to equip TTEs with devices to check realtime seat availability - December 14, 2018
- Diesel prices fall to lowest this fiscal year - December 14, 2018
- NHAI to further extend deadline for TOT road auction bids - December 14, 2018