The West Bengal Government has decided to transfer its shareholding of around 40% in favour of Purnendu Chatterjee’s TCG -a major shareholder in troubled Haldia Petrochemicals Ltd (HPL). Sources close to the development told PTI that the West Bengal Industrial Development Corporation (WBIDC) would transfer its block of around 40% to TCG at Rs. 25.10 per share a price which was offered by state-owned Indian Oil Corporation (IOC) when the Government had invited EoIs last year.
Although IOC, which holds 9% stake in HPL, turned out to be the sole valid bidder, the transaction fell through as TCG moved court over the controversial 155 million shares block which WBIDC claimed was owned by it. Later, IOC withdrew from the transaction process.
15-Sep-14 
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