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Our Bureau

New Delhi , Oct 12

ONGC and Mittal Investment Sarl, the investment arm of Mittal Steel, on Tuesday signed two definite agreements to form ONGC Mittal Energy Ltd (OMEL) and ONGC Mittal Energy Services (OMESL), an official communiqué said.

Mr Subir Raha, Chairman and Managing Director of ONGC, and Mr Lakshmi N. Mittal, Chairman and CEO of the Mittal group, signed the agreements.

This signalled the formal launch of both the joint ventures within 10 weeks of signing of the MoU in New Delhi on July 23.

Each of the joint ventures is to have an equity of $50 million. ONGC Videsh Ltd (in the case of OMEL) and ONGC (for OMESL) would hold 49.98 per cent (51 per cent of 98 per cent), and Mittal Investment Sarl 48.02 per cent (49 per cent of 98 per cent). SBI Caps would hold the rest, a company statement said.

Mr S. K. Sharma has joined as CEO of OMESL, while the CEO of OMEL is expected to join shortly, it added.

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