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Tuesday, June 08, 2010

Gulf Oil Corp plans public issue of Petromin

The Hinduja Group is looking to invest between USD 10 billion and USD 15 billion over the next five years to develop power projects with 10,000 megawatts (MW) generation capacity, said Gopichand Hinduja, Chairman, Hinduja Group.

Currently, the Group is setting up a 1,000 MW thermal power plant in Visakhapatnam. In addition, the group is also in talks with the governments of Gujarat, Uttar Pradesh and Maharashtra to set up power projects, Mr Hinduja said.

The group, which has business interests in diverse sectors such as commercial vehicles, banking, lubricants, and so on, recently acquired a European private bank. It also announced a joint venture between its group company Ashok Leyland and Nissan Motors for manufacturing and marketing light commercial vehicles.

Speaking to reporters in Mumbai on Wednesday, Mr Srichand Hinduja said, “We have not only made good progress in each of our verticals, but also achieved organic growth.”

Gulf Oil Corporation, another Hinduja-promoted company, plans to raise between USD 800 million and USD 1 billion through a public listing of Petromin, the Saudi-Arabia based-lubricant company it acquired, said Mr Sanjay Hinduja, President, Hinduja Group of Companies. The IPO, which is likely by the end of this year, will dilute up to 30 per cent of Gulf Oil's stake in Petromin.

The group plans to expand KBL (the private bank acquired from Belgium-based KBC Group) to emerging market countries such as India, West Asia, South America and North America.

“We are in talks with several financial institutions in India to see how we can collaborate with them. There is a possibility that we may tie up with IndusInd Bank,'' Mr Hinduja said.

The Hinduja Group is one of the promoters of IndusInd Bank with a stake of around 20 per cent.

Other plans of the group include development of two real estate projects in Bangalore and one in Hyderabad, through another group company, Hinduja Realty Ventures.

The company has a land-bank of over 2,300 acres, and would be entering into joint development agreements with the land owning entities, said Mr Ravinder Babbar, Chief Operating Officer, Hinduja Realty Ventures.

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