IOC likely to call off acquisition bid if Purnendu Chatterjee gets HPL control

IndianOil Corporation is likely to call off its planned acquisition of the West Bengal government’s 40% in Haldia Petrochemicals Ltd (HPL) if The Chatterjee Group chief Purnendu Chatterjee is appointed HPL chairman, people privy to the matter told Business Standard. IOC had emerged the sole valid bidder for the state government’s stake in HPL, in which TCG is a key private promoter. TCG has been at loggerheads with the state government to secure management control in HPL.