Wednesday, Mar 27, 2002
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By Our Staff Reporter
KOLKATA, MARCH 26. The board of directors of Haldia Petrochemicals today decided to rope in Indian Oil Corporation as the fourth partner with 26 per cent stake. Indian Oil will also get the management control of the company. Talking to newspersons after the board meet, HPL chairman, Tarun Das, said IOC would invest Rs. 460 crores for acquiring 26 per cent the stake in HPL by April. "We have been talking to IOC for quite sometime. It has now been decided to rope in the company". Though Mr. Das did not clarify whether the stake would be offered on an expanded capital base and the valuation details. The company insiders said that HPL had climbed down from its initial demand of Rs. 600 crores. Also, as per the new arrangements, HPL would source its full naphtha requirement from IOC. Today's development had also apparently overwritten the previous agreement between two main promoters the West Bengal government and The Chatterjee Group (TCG), to allow the latter to pick up 14 per cent additional stake from Tatas (the third partner) and gain control over the company. No clarification on the same, however, was available from Purnendu Chatterjee, chairman of TCG. When asked whether he had left the management control of the company, Mr. Chatterjee said that he was `very happy' with the development. "Nobody is buying my stake". Stating that the company managing director, Richard B. Saldana, said the company would now make a fresh attempt with the FIs to include IOC. The board would not be immediately recast.
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