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RIL, IOC in fray to acquire WB govt's 31% stake in Haldia Petrochemicals

11 Jun 2013 Evaluate

Country’s two largest refiners, Reliance Industries (RIL) and its PSU peer Indian Oil Corporation (IOC), are in a race to buy out the West Bengal government's 31% stake in the beleaguered Haldia Petrochemicals (HPL) and an expression of Interest (EOI) has been submitted towards the same.

Besides two of country’s largest refiners, state-owned oil major ONGC, gas major GAIL India and private firms like Anil Agarwal-led Vedanta Resources via its subsidiary Cairn India and Naveen Jindal's Jindal Steel & Power are eyeing 31% stake in HPL. Nevertheless, Purunendu Chatterjee-led The Chatterjee Group (TCG), a joint promoter of HPL, will have a right of first refusal to match the highest bidder.

Peers
Company Name CMP
Reliance Industries 1186.10
Indian Oil Corpn. 130.70
Bharat PetroleumCorp 296.50
HPCL 343.10
MRPL 172.60
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