India May Change Rules For Mittal Investment: Report

Law360, New York (April 18, 2007, 12:00 AM EDT) -- Indian government officials are reportedly set to do some regulatory shuffling in order to enable the investment holding arm of Mittal Steel to pick up a 49% stake in a proposed refinery joint venture with state-run Hindustan Petroleum Corp., India’s second-largest oil company.

The Indian government is planning to tweak foreign direct investment rules to enable Mittal to invest in Hindustan Petroleum’s Bathinda refinery, the Economic Times reported Wednesday, citing government sources.

The current foreign investment rules allow only a 26% foreign investment in public sector...
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