MRPL loses interest in acquiring stake in Haldia Petrochemicals

Several PSU’s had shown interest in buying out West Bengal government's share in Haldia Petrochemicals Ltd (HPL). However, owing to the legal tussle faced by the West Bengal based petroche maker, Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of oil & gas major ONGC, is no more interested in the company. Business Standard Company MD said to Business Standard that it made no sense to buy the shares of a loss-making company at this stage. The key promoters are fighting a legal battle which is getting complex everyday and a solution doesn't seem to get any nearer.
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