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Hinduja

India

 

Hinduja Group owns companies in India, United Kingdom, France, Switzerland, and the United States (HBI Incorporated, based in New York City) (Hinduja Group Website, accessed June 28, 2010). Hinduja began in Sindh, India and opened its first international branch in Iran in 1919, where the company remained headquartered until 1979 (Hinduja Group Website, accessed June 28, 2010).

Date: 2008 - 2009

Deal: The United States Government Accountability Office (GAO) reported in 2008 and 2009 that Hinduja and ONGC were involved in developing the Azadegan oil field, and that together the two companies held a 45 percent stake in the project. The cost of the development was estimated at between $2.5 billion to $3 billion (GAO Report, March 23, 2010). Hinduja and ONGC formed a joint venture called Ashok Leyland Project Services Ltd. to acquire the rights to develop the South Azadegan oil field as well as phase 12 of South Pars. However, Iran offered a Chinese firm the rights to the Azadegan field after China offered Iran billions of dollars in soft loans, according to an Indian news publication (Express India, November 16, 2009).

Date: December 2009

Deal: The GAO reported that Hinduja and the Oil and Natural Gas Corporation of India (ONGC) signed a deal in December 2009 for a 40 percent stake in development of phase 12 of the South Pars gas field. The project is reportedly valued at $7.5 billion (GAO Report, March 23, 2010). The two companies were originally supposed to share a 60 percent stake. (Express India, November 16, 2009).

At the same time, Hinduja also signed an agreement with ONGC and Petronet LNG (India) for a 20 percent stake in a project to construct a plant in Iran to convert natural gas from phase 12 of the South Pars into LNG for export, according to the GAO. The cost of the plant is estimated at $4.35 billion (GAO Report, March 23, 2010), and it is being built by Iran LNG Co., a subsidiary of the National Iranian Oil Company (NIOC), at Tombak Port. As of November 2009, the plant was 25 percent complete, and is expected to become operational in 2011, according to an Indian news publication (Express India, November 16, 2009).

Ties to U.S. Business: According to USAspending.gov, Hinduja Group has not received any federal government contracts in the last 10 years (USASpending.gov, accessed July 9 2014).

Last Updated: July 9, 2014