Reliance and Birlas each sell equity in their refineries

Vol 5, PW 3 (28 Mar 01) News in Brief

India's two private sector refiners, Reliance Petroleum and Mangalore Refineries & Petrochemicals, have each announced an intention to sell chunks of equity in their respective companies.

On 19th March Reliance announced plans to sell 13% of its 27m t/y refinery at Jamnagar. It's not clear how the company plans to divest it stake.

Market rumour indicates Reliance has agreed to set aside 10% for Kuwait Petroleum Corporation. On 27th March news emerged that the powerful Aditya Birla group has made an offer to sell its 37% stake in the 3m t/y Mangalore Refinery to Hindustan Petroleum, its joint venture partner.