Engineering and construction firm Jaiprakash Associates said on Friday it had won a bid to buy 45 percent of small-sized energy explorer Prize Petroleum for an disclosed sum.
The stake in the unlisted company was put on the block by ICICI Bank , India's No. 2 lender, and its unit ICICI Venture Funds.
Prize operates three small oil and gas fields in western India and was founded by state-run refiner Hindustan Petroleum Corp Ltd , which owns 50 percent, and Indian banks.
In January, Hindustan Petroleum Chairman Arun Balakirshnan had told Reuters ICICI wanted to exit the joint venture as it was not not keen to invest in the exploration firm.
Prize is considering a rights issue to fund its exploration business. Top mortgage lender Housing Development Finance Corp owns 5 percent of Prize.
At 0705 GMT, shares in Jaiprakash Associates were up 3.8 percent at 281.70 rupees in a firm Mumbai market that rose 1.3 percent.(Reuters)