Haldia Petrochem share sale to be done on Monday

October 5
10:04 AM 2013

The sale of West Bengal's shareholdings in distressed Haldia Petrochemicals Limited would be held on Monday. According to West Bengal Industry Minister Partha Chatterjee, through PTI, "The financial bidding for the (state) government's shares in HPL will take place on Monday afternoon."

The government had decided to divest its 40% shareholdings in the company. For transactional advice, the company had appointed Deloitte. The five companies, both in the private and public sector, had applied and received approvals for their participation in the bidding process. The companies include Cairn India, GAIL, Indian Oil, ONGC and Reliance Industries. 

Chatterjee added that the government bid would follow the process of open and transparent bidding. TCG, as majority shareholder of HPL, would be allowed to exercise the right of first refusal. Should TCG decline the offer, the said shares would be offloaded to the highest bid submitted through the governmnt process. He added that the government intended to complete the bidding process and its eventual divestment before the Pujas.

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