Early-August deadline to visit Tata Petrodyne dataroom

Vol 7, PW 9 (16 Jul 03) News in Brief
     

Companies interested in buying Tata Petrodyne have until 2nd August to visit the company's dataroom, which was opened to potential buyers on 23rd June at its office in Mumbai's Andheri suburb.

Gujarat Petroleum, Hardy Exploration, Hindustan Oil, British Gas and GAIL have already visited the dataroom. Says a Tata source: "The response so far has been good." Another five companies are expected to visit before the dataroom closes.

Among them will be Oil India, Bharat Petroleum, Prize Petroleumand driller Aban Lloyd. Tata Petrodyne does not operate any oil or gasfields but has minor equity stakes in three blocks: 21% in Hardy-operated offshore Tamil Nadu producing oilfield PY-3; 10% in offshore Gujarat exploration block CB-OS/1, operated by British Gas; and 15% in Cairn Energy-operated offshore CB-OS/2, where Tata's stake falls to 10% at Lakshmi, Gauri and any other future commercial discoveries.

Tata Power is selling Tata Petrodyne so it can focus on the power business.