Haldia Petrochemcials to start bidder scrutiny

The divestment of Haldia Petrochemicals Ltd is set to enter the next phase with the company giving online data access to prospective bidders to carry out due diligence from tomorrow, as per Telegraph India. The bidders will have simultaneous access to data that have been uploaded on the internet. They will also be allowed to visit the plant in turn and make an assessment before placing a price bid. Government officials said they were confident of wrapping up the divestment by September. Reliance Industries Ltd, oil explorer Cairn India Ltd and public sector energy firms Indian Oil, ONGC and GAIL (India) Ltd are in the fray to pick up the state government’s 39.99% stake in HPL. The successful bidder will also get Rs 281 crore worth of preference shares of HPL with Bengal government-run financial institutions, apart from the equity, only if HPL’s private promoter The Chatterjee Group (TCG) declines to match the highest quote. TCG is contesting the stake sale, and Calcutta High Court is expected to take up a number of cases on July 11. The outcome of these legal battles will decide the course of the divestment.
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