The company plans to set up a more than $4 billion refinery even if its partner Oil and Natural Gas Corp. opts out, a Hinduja official said. State-run ONGC has delayed its approval to actively participate in the project.

"We have given in writing to the Andhra Pradesh chief minister that we are keen to set up the project, with or without ONGC," Hinduja Group Chairman G.P. Hinduja told Press Trust of India, a government-aided news agency.

"Even if ONGC were to join the project, we are keen to take a majority stake," Hinduja said.