|Chennai||Rs. 27770.00 (0.07%)|
|Mumbai||Rs. 29200.00 (2.31%)|
|Delhi||Rs. 27900.00 (-0.36%)|
|Kolkata||Rs. 28270.00 (1%)|
|Kerala||Rs. 27050.00 (-0.37%)|
|Bangalore||Rs. 27550.00 (1.66%)|
|Hyderabad||Rs. 27770.00 (-0.14%)|
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.