RIL, IOC, GAIL-OIL to bid for stake in Haldia Petrochemicals next week

05-Oct-13

Reliance Industries, Indian Oil Corp ( IOC) and GAIL- OIL combine are likely to bid to acquire the West Bengal government’s 31% stake in Haldia Petrochemicals Ltd (HPL) on October 7, as per firstpost.com. As per a confidential source, the price bid is likely to be opened on the same day. RIL is considered frontrunner for buying the stake. It may however face a formidable competition from gas utility GAIL India Ltd which has teamed up with explorer Oil India Ltd (OIL). Purnendu Chatterjee-led The Chatterjee Group (TCG), a joint promoter of HPL, will have the right of first refusal to match the highest bidder. TCG, which holds 40.88% stake in HPL, will have 30 days to decide on matching the price quoted by the highest bidder and another month to make the payments.