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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

EDITORIAL OF THE DAY

  • Time and tide are ripe for megaplans such as Sagarmala

    To say that India’s infrastructure is in urgent need of upgrade would be to state the obvious.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Urs Schoettli

China looks to India for balance

Almost a third of the total world population lives in ...

Zehra Naqvi

Love and its stories

People must have bread. They can live without stories. No, Hameeda, ...

Dharmendra Khandal

Tiger in urban landscape

Ranthambhore is in a no-win situation. Just a few days ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture