IOC to decide on acquiring stake in Haldia Petrochem after decision by West Bengal government

21-Feb-13

Indian Oil Corporation (IOC) could a call on taking a controlling stake in the cash-strapped Haldia Petrochemicals Ltd (HPL) following the West Bengal government's decision to appoint a consultancy firm - Deloitte to advise on the proposed sale of its shares, as per IANS. The consultancy firm would evaluate the shares of the company after which WBIDC is likely put its entire block of shareholding in HPL for auction. Public sector IOC already has an 8.89% stake in HPL, the second largest maker of polyethylene in India and co-promoted by the Bengal government and The Chatterjee Group (TCG).