New Delhi, June 04: State-owned gas firm Gail and refiner Indian Oil Corporation will not take equity stake in loss-making Haldia Petrochemicals Ltd unless given management control, Petroleum Minister Ram Naik said on Tuesday. "The issue is whether they (HPL promoters Chatterjee Group) will be ready to give management control. If this is sorted out it could either be IOC or Gail or both (taking equity stake in HPL)," Naik told reporters here.
He categorically stated that the two oil firms were not portfolio investors and "will not perform the role of a financial institution (infusing money without management control)."
While IOC had last year proposed to take 26 per cent stake in the beleaguered HPL at an investment of about Rs 500 crore, Gail, which has already entered into a marketing alliance with the Kolkata-based petrochemical firm, had till now pursued 10 per cent equity investment without any say in management.
Though Chatterjee Group was at that time not inclined to give management control to IOC, lenders to HPL had favoured the state refiner as partner.
Bureau Report