US private equity firm eyes $10 billion joint venture with Indian state giant

New York-based private equity firm The Chatterjee Group (TCG) is in talks with India’s state-owned Oil & Natural Gas Corporation (ONGC) and its subsidiary Hindustan Petroleum Corporation (HPCL) for a potential joint venture involving a huge oil-to-chemicals project in southern India, Bloomberg reported on Tuesday.

The project is estimated to cost more than $10 billion and is being planned for the city of Cuddalore in Tamil Nadu, the report claimed, quoting anonymous sources.

Source: Upstream