Union Minister for Petroleum and Natural Gas, Ram Naik, on Friday said Indian oil's equity participation in the ambitious Haldia Petrochemicals Limited (HPL) would depend on the result of the due diligence exercise being carried out by noted consultancy firm, KPMG.
“Once KPMG submitted its report to the board of Indian Oil it would be considered after which it would be forwarded to the ministry with comments and views of IOC directors,” Naik told PTI over phone from New Delhi.
The minister said that only then, the ministry would advise IOC to act accordingly. As IOC was a Navratna company, the oil major's board was fully empowered to take investment decisions of any amount.

Bureau Report