Indian Oil and Gas Giant Explores $1.5Bn Listing on London Market ; BUSINESS & MONEY

By Orange, Richard | The Independent on Sunday (London, England), July 15, 2007 | Go to article overview
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Indian Oil and Gas Giant Explores $1.5Bn Listing on London Market ; BUSINESS & MONEY


Orange, Richard, The Independent on Sunday (London, England)


Indian oil explorer Jubilant Energy is preparing to float on the London Stock Exchange in what promises to be the largest new Indian listing since mining giant Vedanta came to the market in December 2003.

The company has hired JP Morgan Cazenove to advise it on the listing, which bankers expect to value Jubilant at more than $1.5bn ([pound]750m). The listing will cement the fortune of brothers Hari and Shyam Bhartia, as well as Shyam's wife Shobhana, who runs the Hindustan Times and is arguably the most powerful woman in the Indian media. She is the daughter of Indian industrialist KK Birla, whose group controls the newspaper.

The Bhartia brothers' empire is built around Jubilant Organosys, a listed pharmaceuticals and chemicals group. Their holding company, Jubilant Corporation, also owns the Domino's Pizza franchise for South East Asia, a supermarket chain, the sole Audi dealership in South India, and represents Bell Helicopters in the country.

Much of Jubilant Energy's value comes from its 15 per cent share in the gas discovery made by Gujarat State Petroleum Corporation in the Krishna-Godavari Basin, an area in the Bay of Bengal sometimes described as India's North Sea.

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