Is Haldia promoter -Chatterjee pursuing peace with Bengal Government?

25-Oct-07
Purnendu Chatterjee - chairman of The Chatterjee Group (TCG) has been one the front runner investors who brought foreign direct investment to the state of Bengal, by investing in Haldia Petrochemicals. However, his groups' relationship with the state government has soured over the past few years, particularly on ownership issues. After being wrapped in a legal tangle leading to uneasy coexistence with the Bengal government in Haldia Petrochemicals Ltd., Chatterjee seems to be in pursuit of peace. The pursuit of peace comes at a time when TCG is seeking to grow beyond Haldia Petrochemicals in Bengal with its biotech venture TCG Lifesciences, as well a venture into information technology. It is also pursuing plans for a refinery at Haldia. Chatterjee has met up with the state chief minister, at a time the prolonged legal battle between the West Bengal Industrial Development Corporation and TCG has entered the final lap in the Supreme Court. The sides are locked in a battle for control of Haldia Petrochemicals, Bengal's second-largest company. The government had made its stand clear on Haldia Petrochemicals: either the government or TCG buys the other out or let the board be managed professionally with both parties coexisting. TCG, however, had been keen on taking over the management as well as control of the company.
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