The Bengal Government seems to have finally decided against Purnendu Chaterjee's plans of a buyout of Haldia Petrochemicals(HPL). The Government has firmly expressed a total lack of interest in negotiating with the NRI businessman who had earlier been given the option of acquiring the government's 38.67% stake in HPL. The final "NO" has been prompted by Chaterjee's unnecessary indecisiveness over the past four months. The decision has come just 3 days before the expiry of the July 31 deadline that the government had set for Purnendu to arrange for funds and effect the share transfer.
Chaterjee, in all likelihood will appeal to them and request them to reconsider their position, once he knows the reason for refusal. Will the exit of Purnendu mark the entry of IOC in the HPL deal?
29-Jul-05 
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