Indian Oil Corporation (IOC) no communication from West Bengal state government since it made its offer in October 2013, as per a senior official in Press Trust of India. IOC had bid for Bengal's stake in HPL at a price of Rs. 25.10 per share. But the share transfer process got stuck following the other promoter TCG's opposition and subsequently moving court over the controversial 155 million shares which the Bengal government had clubbed along with its own stake-holding.
The executive said that although IOC has a near 9% stake in HPL at present, the oil PSU had been eyeing a berth on HPL's board for long, without any response.
IOC waits to see the outcome of the financial restructuring, which the lenders had agreed to carry out for the troubled petrochemicals firm.
24-Mar-14 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}