IOC to wait till clear picture emerges on Haldia Petrochem

Tags: News
Indian Oil Corporation today indicated that it would wait till a clear picture emerged on Haldia Petrochemicals matter before it decides on its further interest in the joint venture company.

HPL is a joint venture project having the government of West Bengal, The Chatterjee Group (TCG), and IOC as major stakeholders.

"IOC has refinery in Haldia and we have been supplying naptha to HPL so there is some synergy," IOC chairman R S Butola said when asked whether the company is keen on buying the state government's stake in Haldia Petrochemicals Ltd (HPL).

The West Bengal government had decided to quit its showpiece project, Haldia Petrochemicals Ltd, as a shareholder by June 30 this year.

Butola indicated that the company wanted a clear picture on the entire HPL situation.

He said the company was not very clear about the situation as there was a first right of refusal by another promoter.

Another HPL promoter, TCG was not in favour of stake sale by the state government to any new strategic investor.

"HPL has appointed a consultant Deloitte to evaluate and then take a decision and as of now there is no decision," Butola said.

IOC already holds close to nine per cent stake in HPL.

EDITORIAL OF THE DAY

  • Annual reports make sense only if accountable governance is in place

    It’s a sign of a lack of imagination to expect an annual report by a party in power to pull out some impressive performance given the complex nature

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Amita Sharma

Political rhetoric makes for counter poetry

Poetic flourishes flavour politics. Ghalib and Hafez flowed profusely to ...

Zehra Naqvi

Watch your words, for they can kill

You must’ve heard the ph­rase ‘if looks could kill’. Ever ...

Dharmendra Khandal

Biodiversity day has come and gone. Yet again

Every year on May 22, world celebrates international biodiversity day. ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture