DUBAI Nov 27 A unit of family-owned Indian
conglomerate Hinduja Group has hired Deutsche Bank to
evaluate the potential sale of its 49-percent stake in a Saudi
Arabian lubricants venture that is valued at up to $700 million,
three sources said.
Jeddah-based Petromin is a joint venture between Gulf Oil
International Group, a unit of Hinduja, and family-owned Dabbagh
Group in Saudi Arabia, with the Saudi partner holding a
The two partners have had differences over strategy,
prompting Hinduja to hire an advisor and consider options for
exiting the stake, the sources said, speaking on condition of
anonymity as the matter has not been publicly disclosed.
A Hinduja spokesman in Mumbai declined to comment as did
Deutsche Bank. Calls and email to Petromin went unanswered.
A potential deal will most likely involve a third party
coming in to buy out the Indian partner, one of the sources
said, adding the entire business had an equity value of between
(Reporting by Dinesh Nair; Editing by Amran Abocar)