Indian Oil Corporation's plans for setting up a Rs 5,000 crore petrochemical hub in Haldia, West Bengal appear to be taking shape. Discussions are on with the state about possible investment plans.
This investment will be in addition to the 7.5% stake in Haldia Petrochemicals Limited that IOC acquired for Rs 150 crore. Haldia Petrochemicals, now under the management control of The Chatterjee Group (TCG), is yet to appoint an IOC nominee on its board.
IOC also expects to raise Rs 6,000 crore from the sale proceeds of oil bonds worth Rs 11,500 crore to be issued by the government. This will reduce the subsidy burden of the company.
21-Nov-05 
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