Indorama Ventures in initial talks to acquire stake in Haldia Petrochemicals

17-Apr-17

Indorama Ventures Public Co. Ltd, the Bangkok-based chemicals maker controlled by the Lohia family, is in initial talks with The Chatterjee Group (TCG) to buy a stake in Haldia Petrochemicals Ltd (HPL), two people aware of the development said, as per LiveMint.com. TCG, promoted by non-resident Indian businessman Purnendu Chatterjee, owns close to 48% in Haldia Petrochemicals. Tata has around 2.3% stake, Indian Oil around 7% and lenders around 6% stake in Haldia Petrochemicals.

A stake sale will require approval from the West Bengal government which owns close to 31% stake in Haldia Petrochemicals, the people said, requesting anonymity. “It is not yet decided whether Indorama will acquire a part of TCG’s 48% stake or also from other shareholders as well, which also includes Tata Group, Indian Oil Corp. and the company’s lenders,” said one of the two people cited above.