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PRESS TRUST OF INDIA
New Delhi, Aug 17: US multinational Enron Oil and Gas Corporation is planning acquisition of oil assets in India and is open to acquiring stake in national oil companies when they hit market for disinvestment of government holding. "We are examining the possibilities of acquiring upstream (exploration and production) and donwstream (refining) oil assets in India," chief executive officer (CEO) of Enron India Sanjay Bhatnagar said.
The company is talking to several interested parties Bhatnagar said but declined to give details of negotiations or the name of the companies. Asked the level of investment that Enron planned for acquiring oil assets, Bhatnagar said that India offered immense potential in the energy sector and funds would be no constraint. Enron had earlier announced to raise its investment in the country to $10 billion in the next five years, but Bhatnagar said that he would not be limited by these figures and investment could be higher provided there were suitable opportunities.
Asked whetherthe company would also pick up stakes in the oil companies that are likely to be disinvested, he said, "We would look at any disinvestment of public sector undertakings on a case-by-case basis and at those aspects where Enron could add value." Enron would not have any problem in raising money to fund these acquisitions, "We have an open cheque book but the price offered should also be right," Bhatnagar said. India is a very attractive investment destination for Enron and apart from looking at the power sector, it is planning to make investments in pipeline projects. The company's investment in India are already in the vicinity of $5 billion, including $1 billion it committed for infrastructure facilities at Dabhol.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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