Chaterjee consortium to seek HPL board approval for Basell deal

The Chatterjee consortium has expressed keenness in buying out the assets of Basell Polyolefins, the Amsterdam-headquartered company engaged in related lines of business. The consortium is expected to seek approval from the board of directors of Haldia Petrochemicals Limited (HPL) as well as the company's creditors in getting approval for financial participation by HPL. HPL's success in this deal will help it to access know-how by virtue of acquiring the research and development assets of Basell. Basell Polyolefins, had been formed as a 50:50 joint venture between BASF and Shell and has patented nearly 1,000 products in the polymer segment. Besides the Chatterjee consortium, others who had bid for Basell’s assets were Ineos of Europe and National Petroleum Corporation of Iran. HPL has achieved a total financial turnaround by registering post-tax profits for the fiscal 2003-04. Along with this, HPL has also entered into an agreement with Hindustan Petroleum Corporation for supplying motor spirit- a derivative at its Haldia plant. This line of business is likely to fetch Rs 400 crore annually to HPL.
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