January 15, 2013 / 17:08 IST
Indian Oil Corporation (IOC) is keen to participate in the share auction process of cash-strapped Haldia Petrochemicals for which due diligence is on. The final decision on it would be taken by the IOC board, Indrajit Bose, executive director-cum-state level coordinator, West Bengal, of IOC told reporters. "IOC had earlier expressed interest in HPL and also acquired 8.9 per cent shareholding in the company," he said, adding, there were lot of synergies between HPL and IOC's refinery at Haldia.
IOC was already having a refinery and a pipeline required for carrying the main feedstock, naphtha. He said IOC being a PSU it was restrained from aggressive bidding. Recently, West Bengal government through WBIDC decided to pull out of the project and appointed a transactional advisor Deloitte for valuation of the shares. West Bengal industry minister Partha Chatterjee had said the entire process would be completed by the end of the current financial year.WBIDC would put its entire block into auction and the highest price would be offered to the other promoter TCG for exercising the first right of refusal. The state government and The Chatterjee Group, which is an equal promoter in HPL, are locked in dispute over control of the petrochemical giant. If TCG declined to buy at that price, then the shares would be offered to the highest bidder. Purnendu Chatterjee of TCG had opposed the government's move.More News From Oil & Gas Space:Will bring gas to Andhra Pradesh by 2014-end: Petronet LNG Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
