HPL financial bidding on Monday
Oct 05 2013 , Kolkata
"The financial bidding for the (state) government's shares in HPL will take place on Monday afternoon", West Bengal industry minister Partha Chatterjee told PTI.
The government decided to offload its nearly 40 per cent share in the company for which it had appointed Deloitte as transactional adviser.
Five companies, both in the private and public sector, had qualified to take part in the bidding process. These companies were Indian Oil, GAIL, ONGC, Reliance Industries and Cairn India.
Chatterjee had said the government would follow a transparent method and it would be an open bid.
TCG, a major shareholder of HPL, would be offered to exercise the first right of refusal.
If TCG declined the offer, the shares would be offloaded to the highest bidder.
The government intended to complete the disinvesment process before the pujas.