Bengal Government hopes to complete stake sale in Haldia Petrochem by November

09-May-13

The sale of West Bengal Government’s stake in the ailing Haldia Petrochemicals Ltd is expected to be completed by November.We expect the process of divestment to be complete by November,” state Industry Minister Partha Chatterjee said on the sidelines of an interactive session with Nordic ambassadors to India from Denmark, Sweden, Iceland and Norway at the Indian Chamber of Commerce. The advertisement seeking expression of interest in HPL is expected to come out any day over the next one week. The earlier target set by the State Government to hive off its stake in HPL was June 2013. Consultancy firm Deloitte has been engaged as the transaction advisor for the proposed stake sale on behalf of the West Bengal Industrial Development Corporation (WBIDC). WBIDC is the nodal agency which holds 40% share in the loss-making HPL. TCG, the other leading stakeholder, has claimed majority ownership and management control in HPL and is fighting a legal battle.