Thursday, June 07, 2012

Adani is third Indian company to weigh bid for ConocoPhillips assets

A private company, Adani resources, has expressed an interest in bidding on some of the oil sands assets ConocoPhillips is looking to sell. They join compatriot companies ONGC and Oil India, both of which have also been looking at the same properties recently.

I don't know much about Adani, but it looks like they are primarily an integrated electricity utility that runs a lot coal mines and electricity plants. Perhaps they're looking to broaden their interests. The other two companies are state sponsored and it's still unclear what is driving all this recent interest from India. Maybe Cenovus is running its ads in Indian movie theatre's too.

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