News Brief | September 2011
GVK Power will seek a partner for oil and gas
The company may rope in a partner to further its plans to tap the potential in the oil and gas sector. The company has partnered with Australia-based BHP Billiton and the GVK-BHP Billiton consortium has been awarded seven deepwater blocks under the New Exploration Licensing Policy (NELP) VII. Of these blocks, one is located in the Kerala-Konkan region and the rest of the six deepwater blocks are located off Mumbai. The company has estimated a capital outlay of Rs 220 crore in the next three years. There are several options including roping in a partner either through fresh equity or by one of the partners divesting a part of the equity.
Contact: GVK Energy
Tel: +91 40 2790 2663