Mittal acquires 50% stake in Lukoil's Kazakh assets

The stake will allow Lakshmi N Mittal to set up a joint venture that would control hydrocarbon production in five oil regions.

Billionaire Lakshmi N Mittal has completed acquisition of Russian oil firm Lukoil's 50 per cent stake in a Kazakhstan energy firm for $980 million (nearly Rs 4,018 crore).

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The stake acquired by Mittal Investments Sarl in Caspian Investments Resources Ltd would allow the India-born steel tycoon to set up a joint venture that would control hydrocarbon production in five oil regions in the Central Asian country.

"Caspian Investment Resources Ltd, which was Lukoil Overseas' 100 per cent subsidiary, has become a joint venture of Lukoil Overseas and Mittal Investments, where each holds 50 per cent stake," the Russian firm said in a release.

Under the deal, Mittal Investments, the holding company of Mittal Group, has also taken over 50 per cent of Caspian's outstanding debt totalling about 175 million dollar, the release added.