|Chennai||Rs. 28730.00 (1.13%)|
|Mumbai||Rs. 29740.00 (-0.13%)|
|Delhi||Rs. 29200.00 (0%)|
|Kolkata||Rs. 29350.00 (0%)|
|Kerala||Rs. 28000.00 (0%)|
|Bangalore||Rs. 28400.00 (0%)|
|Hyderabad||Rs. 28470.00 (-0.11%)|
The Hinduja group is close to selling its stake in its Saudi joint venture Petromin, which is valued at close to $700 million.
According to a source close to the group, its partner Dabbagh group will buy the stake for around $350 million.
Jeddah-based Petromin is a joint venture between Gulf Oil International Group, a unit of family-owned Hinduja which owns a 49% stake, and Dabbagh with a majority 51% stake.
The group will use the proceeds of the transaction to pay off part of the $1.05 billion loan taken to buy US-based chemical firm Houghton International, the source said, asking not to be quoted.