Reliance Industries Ltd’s (RIL) plea for an open auction for Haldia Petrochemicals’ stake sale has been rejected by the West Bengal government. A proposal for joint bidding by IOC and ONGC is likely to get approval. RIL had requested this for the divestment of the state government’s share in eastern India’s biggest petrochemical company. The West Bengal government, however, is considering a proposal for joint bidding by Indian Oil Corporation and Oil & Natural Gas Corporation, the two public sector majors, which is likely to get the nod.
The bids are expected by August 31 but the date can be extended, said an HPL official. The state government holds about 40% stake in HPL, via the West Bengal Industrial Development Corporation (WBIDC). Currently, five companies are in the race for the stake sale, after Essar Oil made an exit last week. RIL, Cairn India, IOC, ONGC and GAIL are still in the hunt.
17-Aug-13 
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