HPL to complete due diligence on Basell

18-Feb-05
Purnendu Chatterjee of The Chatterjee Group, which holds a large stake in HPL, teamed up with ICICI ventures and US investors to table a bid for Basell. Currently a team to study the same is in Amsterdam, to find out the benefits in terms of value addition to HPL upon investment in Basell. Haldia Petrochemicals (HPL) will place a proposal to invest in Basell Polyolefins- the Dutch petrochemicals company before its board of directors, upon completion of due diligence in the next 2 days. Picking up a stake in Basell will also require clearance from the Bengal government, one of the principal promoters of HPL.
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