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Article: Hinduja deal gives ONGC a way into Iran.
- Article from:
- International Petroleum Finance
- Article date:
- January 1, 2008
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Last month, India's Hinduja Group (HG) and state-owned Oil and Natural Gas Corp. (ONGC) agreed to work together on two big upstream projects in Iran and on related downstream and LNG ventures in India. Although replete with risk, the agreement might offer ONGC its best chance yet of getting a stake in Iran's upstream.
HG currently focuses on building trucks and cars, media, banking and real estate. But the family-owned group started off in Iran in 1919 and has maintained strong business relations with Tehran since then. Although HG appears to be following in the steps of Indian-born steel baron Lakshmi Mittal--who has been moving into the oil business both alone ...