Has Purnendu Chatterjee stepped out from the initial stages of the Basell deal? Will the Bengal government's decision to deny him the right to leverage Haldia Petrochemicals Ltd (HPL) to fund the deal restrict Chatterjee? The West Bengal government arrived at a decision that HPL will be party to the Basell deal, only if Chatterjee buys out the Government's 36.87% share at Rs 30 per share. Purnendu has to shell out up Rs 1560 crore to buy out the Bengal government in HPL in 3 weeks time. Chatterjee claims that it is not the lack of funds, but delays in RBI clearance, which is the problem.
It was clearly defined to Chatterjee that he would have to buy out the Bengal government's stake in HPL, displacing one of Purnendu's key elements in the funding plan. The European Commission cleared the buyout deal for Basell, earlier this week. The financial closure for the Basell deal is scheduled on August 1. Will Chatterjee miss the bus? Will the deal be routed through Access subsidiary, Luxembourg-based Nell Acquisition Sarl?
06-Jul-05 
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