Indian Oil Corporation to wait till clear picture emerges on Haldia Petrochem

KOLKATA: Indian Oil Corporation today indicated that it would wait till a clear picture emerged on Haldia Petrochemicals matter before it decides on its further interest in the joint venture company.

HPL is a joint venture project having the government of West Bengal, The Chatterjee Group (TCG), and IOC as major stakeholders.

"IOC has refinery in Haldia and we have been supplying naptha to HPL so there is some synergy," IOC chairman R S Butola said when asked whether the company is keen on buying the state government's stake in Haldia Petrochemicals Ltd (HPL).

The West Bengal government had decided to quit its showpiece project, Haldia Petrochemicals Ltd, as a shareholder by June 30 this year. Butola indicated that the company wanted a clear picture on the entire HPL situation.

He said the company was not very clear about the situation as there was a first right of refusal by another promoter. Another HPL promoter, TCG was not in favour of stake sale by the state government to any new strategic investor.

"HPL has appointed a consultant Deloitte to evaluate and then take a decision and as of now there is no decision," Butola said. IOC already holds close to nine per cent stake in HPL.