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IOC poised to take over Haldia Petro.

THE West Bengal government on Thursday announced that the sole bid of Indian Oil Corporation for West Bengal Industrial Development Corporation's 39.9 per cent stake in lossmaking Haldia Petrochemicals Ltd ( HPL) has been accepted.

The company's other shareholder Purnendu Chatterjee- led The Chatterjee Group ( TCG) which currently holds a 41 per cent stake, would be offered the right of first refusal ( RoFR) for matching the IOC offer.

After a series of meetings of the Group of Ministers ( GoM) on HPL, the government decided to accept the IOC bid for WBIDC's stake in the firm, industry minister Partha Chatterjee told reporters in Kolkata.

Consequently, TCG will be given a chance to exercise the right of first refusal, he said.

Although he declined to divulge the bid price and the reserve price fixed by transactional adviser Deloitte, Chatterjee said that the IOC offer was higher than the reserve price.

He said the letter to TCG for exercising RoFR would be issued ' as quickly as possible'. Subsequently, TCG would have 30 days time either to accept or decline the offer.

IOC which already holds an 8.8 per cent share in HPL, had submitted its bid on Monday which was opened on Thursday. IOC's petrochemicals group head S. Mitra flew in from Delhi during the day at the invitation of the state government.

A controversy had arisen on Monday as the state government did not open the bid on the same day.

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Publication:Mail Today (New Delhi, India)
Date:Oct 11, 2013
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