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IOC likely to drop plan to buy 50% stake in Mundra LNG terminal
The expenditure made towards the port and port-led development is another stumbling block for IOC acquiring a stake in the LNG terminal
New Delhi: State-owned oil marketing company (OMC) Indian Oil Corporation Ltd's (IOCL) plan to acquire as much as 50 percent stake in the Mundra LNG terminal in Gujarat, which was recently inaugurated by Prime Minister Narendra Modi, may have been dropped, people familiar with the development said. In August 2017, IOC had said that it has received an in-principle approval from its board to buy a 50 percent stake in the LNG terminal for around Rs 750 crore. The Mundra LNG terminal, a Rs 5,000-crore project is being built by GSPC LNG Ltd, a unit of Gujarat State Petroleum Corporation Ltd (GSPC).