West Bengal Govt receives two investment proposals for the ailing

The West Bengal government, also an investor in the company, has received two investment proposals for the ailing Haldia Petrochemicals Ltd (HPL). Oil majors Indian Oil Corporation (IOC) and ONGC are keen to invest in HPL - in desperate need of funds for a turnaround. IOC already has an 8.62% equity holding in the state petrochem giant through an investment of Rs 150 crore. Their team has met industries minister Partha Chatterjee and discussed a potential buyout of the state government's 40% shares. A meeting has been planned between Partha Chatterjee and ONGC chairman and managing director of ONGC's refinery arm MRPL, in the first week of June. ONGC has already written to the government showing interest in HPL.
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