WBIDC appoints Deloitte as transaction advisor for the proposed sale of HPL shares

07-Jan-13

The West Bengal government's industry promotion arm WBIDC has appointed management consultancy firm Deloitte as a transaction advisor for the proposed sale of its shares in beleaguered Haldia Petrochemicals Limited (HPL), as per PTI. Commerce and Industry Minister Partha Chatterjee said the consultancy firm would evaluate the shares of the company after which WBIDC would put its entire block of shareholding in HPL for auction. Chatterjee said TCG of Purnendu Chatterjee would be offered the shares at the highest price arrived at the auction to exercise its right of first refusal. "If TCG declines to buy the shares at that price, then the shares will be offered to the highest bidder," he said. By virtue of holding nearly 39 per cent shares in HPL, WBIDC is the majority shareholder in the company. WBIDC has already invested around Rs. 835 crore in HPL. When asked if the highest auction price was insufficient for WBIDC to recover its investments made in the company since HPL was making huge losses at the moment, Chatterjee said "the agency's board will take a decision then."