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Indian Oil Corpn Ltd To Buy 40% Stake In Haldia Petrochemicals Ltd - Business Standard

Thursday, 10 Oct 2013 11:22am EDT 

Business Standard reported that The West Bengal government has accepted the only valid bid from PSU, Indian Oil Corporation, for selling its 40% stake in Haldia Petrochemicals Ltd (HPL). After several rounds of multiple meetings with GoM (group of ministers) on HPL, the state industries minister and HPL chairman Partha Chatterjee said, the Company have accepted IOC's bid as the sole valid bidder. The decision comes from the government after IOC submitted its bid on October 7, 2013 which was the submission day for price bids. The PSU major already has close to a 9% stake in the Company. The reserve price for the stake sale is still not disclosed by the government and IOC officials claimed that they were unaware. Now, the other principal promoter in HPL, The Chatterjee Group (TCG) led by Purnendu Chatterjee , will have a month’s time to match IOC's bid, as per the right of first refusal agreement that it has with the state government. 

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