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HPL financial bidding on Monday

Last Updated: Saturday, October 5, 2013 - 14:35

Kolkata: The much-awaited sale of West Bengal government's stake in troubled Haldia Petrochemicals Limited (HPL) would take place on Monday.

"The financial bidding for the (state) government's shares in HPL will take place on Monday afternoon", West Bengal industry minister Partha Chatterjee told the agency.

The government decided to offload its nearly 40 percent share in the company for which it had appointed Deloitte as transactional adviser.

Five companies, both in the private and public sector, had qualified to take part in the bidding process.

These companies were Indian Oil, GAIL, ONGC, Reliance Industries and Cairn India.

Chatterjee had said the government would follow a transparent method and it would be an open bid.

TCG, a major shareholder of HPL, would be offered to exercise the first right of refusal.

If TCG declined the offer, the shares would be offloaded to the highest bidder.

The government intended to complete the disinvesment process before the pujas.

PTI

First Published: Saturday, October 5, 2013 - 14:32
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