ONGC to examine HPL stake offer from West Bengal Govt

KOLKATA: Oil and Natural Gas Corporation (ONGC) today said it would examine the commercial viability of Haldia Petrochemicals before deciding on participating in bidding for the shares on offer by the West Bengal government.

"We will examine. If it is commercially viable then we will bid," ONGC chairman Sudhir Vasudeva said on the sidelines of an interactive session with the Bengal Chamber members on shale gas.

The West Bengal government had put the full 39.99 per cent (675 million shares) stake on the block, but could not sell 155 million shares out of this because of dispute.

Vasudeva did not point out whether the interest was through ONGC or its subsidiary MRPL which has an interest in petrochemicals.

Last June, MRPL senior officials had met the West Bengal government expressing interest to carry out due-diligence for a stake.

Vasudeva today said there was no due-diligence in HPL. The two key promoters of HPL-West Bengal government and TCG have locked horns over control of the ailing petrochemical major which was taking toll on its financials.