Sole Haldia Petrochemicals bidder Indian Oil Corp is due to meet new West Bengal industry minister ahead of the company stake’s sale. The Indian petchem industry has grown tense over the sale, which will extend IOC’s strong position in the market.
State-owned Indian Oil Corp. Ltd. (IOC), which emerged as the sole valid bidder for West Bengal government’s stake in the troubled Haldia Petrochemicals Ltd., has sought discussion with Amit Mitra, the new industry minister of the state.
“A new minister has come. So we are hoping that he will call us for a discussion on the state of affairs,” head of IOC’s petrochemicals division S. Mitra told PTI.
Maintaining that the IOC bid is still valid, though it was submitted on 7 October, S. Mitra said the oil PSU still had the option to back out from the process if there was any violation in the terms and conditions of the share purchase agreement.
Although IOC emerged as the sole valid bidder, the other major promoter, The Chatterjee Group (TCG), moved the court instead of exercising the right of first refusal, following which the share sale process got stalled due to an order from the Calcutta high court.
TCG had contended that the controversial 155 million shares did not belong to the state government which were bundled for sale. The Calcutta high court restrained the state government from selling the shares to IOC till 21 January.
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