Indian Oil Corporation (IOC) has set its eye on eastern India’s biggest petrochemical company, Haldia Petrochemicals (HPL), in which the former already holds 8.89% stake by the way of Rs 150-crore investment made back in 2004.
Meanwhile, West Bengal government, which holds close to 40% stake in HPL, s shown its interest in offloading its stake and has appointed Delloite India to execute it’s divestment plan. However, the deal majorly depend upon TCG chief, Purnendu Chatterjee, who is a majority shareholder in HPL and consequently has the first right of refusal once the final auction price is decided.
HPL, which is suffering Rs 50-60 crore of cash loss every month, is in dire need for non-interest bearing funds of Rs 1,000 crore, the company has also defaulted on working capital loan.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
