The Australian mining giant is expected to pick up 51 per cent in Ashapura Minechem''s Rs 2,500-crore alumina refining project in Orissa. Ashapura will hold the remaining 49 per cent.

The two partners will invest Rs800 crore towards equity participation and the remaining Rs1,700 crore will be mobilised through debt.

However, they will take some time to sign on the dotted line since government approval for the project is awaited.

Chetan Shah, managing director, Ashapura Minechem, declined to disclose the identity of his partner for the project. He added that government clearance would take another three months and the project would be commissioned by the end of next year.

BHP, with a presence in 25 countries, has been doing business in India for over 30 years, but does not have an equity interest in any domestic project.

The project will cost around Rs2,500 crore and is expected to come up in the next two years.