In the event of Mukesh Ambani-controlled Reliance Industries being given management control in Haldia Petrochemicals, Indian Oil Corporation has threatened to opt out of equity participation in HPL. IOC is ready to buyout HPL once the matter pending with the Company Law Board gets sorted out. Reports indicate that RIL has evinced interest in picking up a stake in HPL and the state government is not averse to it. IOC too would like to have management control over HPL.
IOC currently has 7.5% stake in HPL following the private placement of Rs 150 crore last year. But the principal promoter -The Chaterjee Group has objected to this placement of shares and has moved the Company Law Board
30-Jun-06 
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