IOC, sole bidder for state stake seeks discussion with new industry minister on Haldia Petro

13-Jan-14

The Calcutta High Court had restrained the West Bengal Government from selling its shares in Haldia Petrochemicals to state-owned Indian Oil Corporation till January 21. IOC, which emerged as the sole valid bidder for state stake in HPL, has sought discussion with Amit Mitra, the new industry minister of the state, as per PTI. Maintaining that the IOC bid is still valid, though it was submitted on October 7, S Mitra said the oil PSU still had the option to back out from the process if there was any violation in the terms and conditions of the share purchase agreement. Although IOC emerged as the sole valid bidder, the other major promoter, TCG, moved the court instead of exercising the right of first refusal, following which the share sale process got stalled due to an order from the Calcutta High Court.TCG had contended that the controversial 155 million shares did not belong to the state government which were bundled for sale. The Calcutta High Court restrained the state government from selling the shares to IOC till January 21. To a query, Mitra said IOC had not asked for refund of the earnest money which was deposited before bidding.