Pursuits
Billionaire Brothers May Quit Mining Business: Corporate India
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Gulf Oil Corp., controlled by the billionaire Hinduja brothers, may exit the mining business as restrictions on excavations in India slow demand for its services to extract coal, iron ore and minerals.
The company may also consider separating the division into a subsidiary, Managing Director Subhas S. Pramanik said in a phone interview from Hyderabad. The unit IDLconsult, which accounts for about 12 percent of revenue, has reported an operating loss for three straight years, after the government clamped down on illegal extractions and delayed mining approvals citing environmental norms.