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Vedanta eyes minor stake in a new India refinery

Vedanta eyes minor stake in a new India refinery

The refinery coming up at Barmer will have an annual capacity of 9 million tonnes.

London-based Vedanta Resources is keen on buying a minority stake in an oil refinery planned in Rajasthan, the Hindustan Times reported on Sunday citing a government statement.

The refinery coming up at Barmer will have an annual capacity of 9 million tonnes and is expected to cost about 200 billion rupees, the report said.

Vedanta founder Anil Agarwal met Ashok Gehlot, the chief minister of Rajasthan state, in New Delhi on Friday, it said.

"Vedanta will support the refinery by having a small stake in the project," the paper quoted a state government statement.

State-run Hindustan Petroleum Corp and Oil and Natural Gas Corp are expected to hold 51 per cent and 26 per cent stake respectively, the report said.

Last year, Vedanta paid $8.7 billion deal to acquire a controlling stake in Cairn Energy's India unit, which operates oil fields in Rajasthan state.

Vedanta Resources could not be immediately reached for comment.

first published:July 09, 2012, 01:10 IST