Purnendu Chatterjee now faces a deadline set by the Bengal government for bringing in the funds to buy out its 36.87% stake in Haldia Petrochemicals (HPL). The date has not been clearly spelled out by either of the parties. TCG has to shell out Rs 1,560 crore for the government's share at Rs 30 per share - a premium of Rs 20 on a share of Rs 10. The State Bank of India has agreed to provide the required Rs 1,350 crore as loan, but a delay in getting the RBI's permission seems to be holding back the funds.
Will there be an alliance between Chatterjee and the Hinduja group for the government's stake? Earlier this week, the Hinduja Group has expressed a keen interest in investments in various projects in West Bengal, including a petrochem project. The Hindujas were keen on investing in HPL sometime in 2002. Though Chatterjee at that time was positive, it was the Left Front government that was unwilling, as the Hinduja names had appeared in the Bofors case. Now that their names have been cleared by the Delhi High Court, the state too is not averse to their investment ideas.
05-Jul-05 
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