The stake acquired by Mittal Investments Sarl in Caspian Investments Resources Ltd would allow the India-born steel tycoon to set up a joint venture company that would control hydrocarbon production in five oil regions in the Central Asian country.
"Caspian Investment Resources Ltd, which was Lukoil Overseas' 100 per cent subsidiary, has become a joint venture of Lukoil Overseas and Mittal Investments, where each holds 50 per cent stake," the Russian firm said in a release.
Under the deal, Mittal Investments, the holding company of Mittal Group, has also taken over 50 per cent of Caspian's outstanding debt totalling about $175 million, the release added.