The West Bengal government has been in conflicts with its JV partner, the Chatterjee Group, over shareholding pattern- and now seems to be scouting for other big petrochemicals companies to hive off its stake in Haldia Petrochemicals Ltd. The state government seems to be contemplating hiving off its share in Haldia Petrochemicals to Mukesh Ambani-controlled IPCL. Informal talks are understood to have initiated between the two.
The conflict between the two partners started with the allotment of 7.5% equity worth Rs 150 crore to IOC, and the Chatterjee Group opposing the move, after which TCG approached the Company Law Board. TCG fears that if the allotment takes place it will become a minority share-holder. Despite months of CLB involvement, the issue is nowhere near any settlement. West Bengal government holds 47.88% share through its West Bengal Industrial Corporation and the Chatterjee group holds 48.94% stake. The government wants to exit from HPL as the project has not taken off as per expectations.
21-Apr-06 
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