Indian Oil Corporation (IOC) is interested in participating in the share auction process of cash strapped Haldia Petrochemicals (HPL) for which due diligence is on. IOC is not planning to do aggressive bidding as the company's financial health is not too well. It has acquired 8.9% shareholding in the company by virtue of Rs 150-crore investment made in 2004.
The oil major has not got any formal invitation from the Bengal government, which holds close to 40 per cent stake in HPL and has started its share sale drill. State government has appointed Delloite India to execute the divestment plan and a valuation process is going on.