'Billionaire' Lakshmi Mittal to receive £15m UK aid for expanding oil plant in India

     Indian-origin steel tycoon Lakshmi Mittal will receive millions of pounds from Britain in aid to expand an oil plant project in his home country, it has emerged. A World Bank fund plans to offer a 295 million pounds loan, 15 million pounds of which will proportionally come from Britain, for expanding a refinery in India. The refinery is one of dozens of projects bankrolled by the World Bank's International Finance Corporation (IFC). According to the Sun, the UK has already given the IFC 650 million pounds, or 5.1 per cent of its capital. Mittal Energy Investments holds a 49 per cent stake in the project, as does a state-run firm, the report said. According to the report, when asked why it needed the cash, Mittal Energy said, "We tap all available sources." News of the proposed refinery loan comes as British Prime Minister David Cameron is under pressure to rethink spending aid being channelled into fast-growing economies such as India, China and Russia.

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