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ONGC, Mittal group ink pacts to float JV
By agencies
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Thursday, 13 October 2005, 19:30 IST
NEW DELHI: Oil and Natural Gas Corporation (ONGC) and Mittal Investment Sarl, the investment arm of Mittal Steel has signed two definite agreements to form ONGC Mittal Energy Ltd (OMEL) and ONGC Mittal Energy Services (OMESL), an official communiqué said.
The agreement has been signed between ONGCs Chairman and Managing Director Subir Raha and Mittal groups Chairman and CEO, Lakshmi N. Mittal.
Each of the joint ventures (JVs) is to have equity of $50 million. ONGC Videsh Ltd (in the case of OMEL) and ONGC (for OMESL) would hold 49.98 percent (51 percent of 98 percent), and Mittal Investment Sarl 48.02 percent (49 percent of 98 percent). SBI Caps would hold the rest, according to the company statement.