Indian oil major to get listed on LSE

London, July 15:

Jubilant Energy, an Indian oil exploring firm owned by the family of Hindustan Times vice-chairperson Shobhana Bhartia, is pre-paring to float on London Stock Exchange (LSE) in one of largest new Indian listings.

The company has reportedly hired JP Morgan Cazenove to advice it on the listing. Bankers expect to value Jubilant at more than £750 million. The listing is expected to cement the fortune of brothers Hari and Shyam Bhartia as well as Shyam’s wife Shobhana.

According to a report in The Independent today, the Bhartia brothers’ empire is built around Jubilant Organ-osys, a listed pharmaceuticals and chemicals group. Their holding company, Jubilant Corp, also owns the Domino’s Pizza franchise for Southeast Asia, a supermarket chain, the sole Audi dealership in south India, and also represents Bell Helicopters in India.

Much of Jubilant Energy’s value comes from its 15 per cent share in gas discovery made by Gujarat State Petroleum Corp (GS-PC) in the Krishna-Godavari Basin. The Gujarat government claims GSPC’s field may hold reserves of 20 trillion cubic feet gas.