ONGC Mittal Energy, Trading Arm To Shut Operations


ONGC Mittal Energy, Trading Arm To Shut Operations

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…

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