The Chatterjee Group plans to acquire West Bengal government's 45% stake in Haldia Petrochemicals

12-Oct-11

Purnendu Chatterjee promoted The Chatterjee Group plans to acquire West Bengal government's 45% stake in Haldia Petrochemicals (HPL), to become its largest shareholder with management and control. It is already the second largest shareholder with about 41% stake in HPL. As per Times of India, this move follows the path paved by the Supreme Court for divestment of state government's stake in the petrochemical firm with annual sales of Rs 10,000 crore. The government has appointed SBI Caps to do a valuation of the firm. "We have got our right of first refusal and will exercise it to retain management and control of the firm. We are in talks with the government and are optimistic that the government will take a right decision in this case protecting interests of both the parties ," as per Anirudha Lahiri, President & CEO, TCG.