Due diligence over, closed bid for Haldia Petrochemicals soon

KOLKATA: The bidders have completed due diligence for buying West Bengal government's stake in financially-troubled Haldia Petrochemicals, according to sources.

They further said deal adviser Deloitte would soon invite bids for government's 39 per cent stake in HPL.

"All the six parties which had responded to the EoI floated for HPL has completed the due diligence of the company," a source close to the development told PTI.

Asked whether the auction would be open or closed, Industry Minister and Chairman of HPL Partha Chatterjee said, "It will be a closed bid. Our intention is not to make money out of the stake sale."

Three PSU majors Indian Oil, GAIL and ONGC had responded to the EoI as also private companies like Reliance Industries, Cairn India and Jindal Petroleum.

Chatterjee said Deloitte had been asked to complete the entire stake sale process by September 30.

TCG, one of the existing promoters of HPL, would be offered the first right of refusal.

Chatterjee had earlier said that if TCG refused to buy at the highest bid, the offer would then go the highest bidder.