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Thecompany already has 8.89% stake in HPL by virtue of a Rs 150-cr investment madein 2004
The buzz of Indian Oil Corporation (IOC) being interested inHaldia Petrochemicals Ltd (HPL) has been there for quite some time, but todayIOC Chairman R S Butola officially indicated his interest in the easternIndias biggest petrochemical company.
IndianOil already has a 8.89 per cent stake in HPL by virtue of aRs 150-crore investment made in 2004.
The West Bengal government, which holds close to 40 per cent stakein HPL, has started its share sale drill and has appointed Delloite India toexecute the divestment plan and a valuation process is going on. Delloite Indiais expected to file its report by March.
"IndianOil has its Haldia refinery, which has been supplyingnaptha to HPL. There is some synergy. And it is for everybody to see whetherthis synergy suits or not. We think it might suit. We will take a decision atan appropriate time, said Butola.
It may be noted that a team from IOC had met HPL chairman ParthaChaterjee in May last year.
However, TCG chief, Purnendu Chatterjee , a majority shareholderin HPL, will have the first right of refusal once the final auction priceis decided.
Meanwhile, the lead bankers have denied the promoters request toextend any further capital to the ailing petrochem firm.
HPL is suffering Rs 50-60 crore of cash loss every month andit is in desperate need for non-interest bearing funds of Rs 1,000 crore. HPLhas defaulted on working capital loan. Company chairman, who is also the stateindustries minister, has now asked the state government to infuse Rs 100 croreat the earliest.
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