Indian Oil Corporation (IOC), had in the past expressed an interest to convert Haldia Petrochemicals (HPL) into a petrochem hub by pumping in Rs 5,000 crores. This was initiated by a payment of Rs 150 crore for a 7.5% stake in Haldia Petrochemicals (HPL).
Despite IOC drawing a cheque on State Bank of India on February 18, the amount has not been encashed so far by HPL. IOC wants the shares handed to it quickly. This would make them look at more investments if they are ushered into Haldia Petrochemicals and be able to convert HPL into a petrochem hub.A letter asking for the shares to be issued was sent to HPL. IOC is expected to wait for the shares till August, by when Purnendu Chatterjee could sign an agreement with the Bengal government to take control of Haldia Petrochem. The Bengal government will watch how soon Purnendu will pay up and take control. If he does, the government will have to decide on inviting IOC to the company.
07-May-05 
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