Shrouded by concerns over the endless legal wrangle between the State Government and TCG-Principal shareholder of Haldia Petrochem, Indian Oil Corp is mulling scrapping of decision to acquire a stake in the company, as per Domain-b.com.
IndianOil has informed the state government led by Mamata Banerjee of the Trinamool Congress that it has decided not to go ahead with the deal to buy the government's 40% stake in HPL. Citing breach of agreement by the TCG, IndianOil has also demanded that its earnest money of Rs 200 crore be refunded. The oil marketer already has an 8.9% stake in the refinery, and in October last year emerged as the preferred bidder for disinvestment of the West Bengal government's 39.99% stake, along with preference shares held by various government undertakings.
17-Jan-14 
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