MOSCOW (MRC) -- Indian Oil Corporation (IOC) mulls to take a controlling stake in the troubled Haldia Petrochemicals Ltd (HPL) following the West Bengal government's decision to appoint a consultancy firm - Deloitte to advise on the proposed sale of its shares, reported Plastemart with refrence to IANS.
The consultancy firm would evaluate the shares of the company after which WBIDC, the West Bengal government's industry promotion arm, is likely to put its entire block of shareholding in HPL for auction.
Public sector IOC already has an 8.89% stake in HPL, the second largest maker of polyethylene in India and co-promoted by the Bengal government and The Chatterjee Group (TCG).
HPL is a joint venture project having the government of West Bengal, The Chatterjee Group (TCG), and IOC as major stakeholders. The West Bengal government had decided to quit its showpiece project, Haldia Petrochemicals Ltd, as a shareholder by June 30 this year. IOC already holds close to 9% stake in HPL.
Haldia Petrochemicals Ltd is a modern naphtha based petrochemical complex at Haldia, West Bengal, India. Haldia has played the role of a catalyst in emergence of more than 500 downstream processing industries in West Bengal with a capacity to process more than 3,50,000 TPA of polymers, among which are polyethylene (PE) and polypropylene (PP)
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