West Bengal hopes to complete Haldia Petrochemicals stake sale by November

KOLKATA: The sale of West Bengal government's stake in the ailing Haldia Petrochemicals Ltd is expected to be completed by November this year, state industry minister Partha Chatterjee said today.

"We expect the process of divestment to be complete by November," Chatterjee said here.

The Minister said the advertisement seeking expression of interest in the HPL is expected to come out any day over the next one week.

He was speaking on the sidelines of an interactive session with Nordic ambassadors to India from Denmark, Sweden, Iceland and Norway at the Indian Chamber of Commerce.

The earlier target set by the state government to hive off its stake in HPL was June, 2013.

Consultancy firm Deloitte has been engaged as the transaction advisor for the proposed stake sale on behalf of the West Bengal Industrial development Corporation ( WBIDC).

WBIDC is the nodal agency which holds 40 per cent share in the loss-making HPL, which was set up during Jyoti Basu's stewardship to act as a catalyst in improving the state's depressing industrial scenario.

TCG, the other leading stakeholder, has claimed majority ownership and management control in the HPL and is fighting a legal battle.