IOC has invested Rs 150 crore in return for a 7.5% stake in HPL. Mr. Ratan Tata has expressed his approval for IOC's entry into HPL. Since IOC is a strong oil PSU with ambitious plans in petrochemicals, the strength of the oil PSU would contribute to the strength of HPL and its investment will assist HPL grow further.
Purnendu Chatterjee of The Chatterjee Group - one of the principal promoters of HPL - unsuccessfully moved the Company Law Board to block the state government's decision to issue shares to IOC.
10-Aug-05 
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