Due diligence ends, bids to close for Haldia Petrochemicals soon

16-Aug-13

The bidders have completed due diligence for buying West Bengal government's stake in financially-troubled Haldia Petrochemicals, as per economictimes.com. Deal adviser Deloitte plans to invite bids for government's 39% in HPL shortly. The Government plans it to be a closed bid. Deloitte has been asked to complete the entire stake sale process by September 30. The six bidders include three PSU majors Indian Oil, GAIL and ONGC, and private companies Reliance Industries, Cairn India and Jindal Petroleum. TCG, one of the existing promoters of HPL, would be offered the first right of refusal.