Adani in talks with Indian Oil for Rs. 30,000 crore Mundra refinery JV.

The Adani Group and Indian Oil Corporation are in talks to build a Rs. 30,000-crore joint venture refinery at Mundra, which would give Gautam Adani an entry into the oil sector while the state-run company would get land port facilities for the proposed export-focused unit.

The proposed 30-million-tonne refinery at Mundra will make Prime Minister Narendra Modi's native state, Gujarat, a bigger energy hub. It already has refineries of Reliance Industries, Essar Oil and Indian Oil, apart from two LNG terminals and the country's biggest city-gas distribution network.

Industry sources said Gautam Adani has held initial talks with top executives at IOC and offered around 3,500-4,000 acres of land for the project. In exchange, Adani is keen to get a minority stake in the project that may be equivalent to the price of the land, sources said.


ET