TCG acquires Basell assets for $5.16 bn

Kolkata, May 5 | Updated: May 6 2005, 05:32am hrs
The Chatterjee Group (TCG)-led consortium headed by Purnendu Chatterjee has acquired the assets of Basell NV, a joint venture between Royal Dutch/Shell Group and BASF AG of Germany.

According to sources here, the agreement, signed in London Wednesdsay night has been valued at approximately four billion euro ($5.16 billion).

TCG had been eyeing the assets of Basell, which had been put on the block.

Basell is the worlds largest producer of polypropylene and polyethylene and has several product patents in its fold. It is also a major technology supplier to petrochemical units the world over.

According to sources, upon acquiring Basells assets, TCG would give an option to Haldia Petrochemicals Limited (HPL) board, in which it is the principal shareholder, to join the consortium. According to sources, the HPL board and the companys lenders would have to endorse the TCG proposal for joining the consortium.

HPL would get enormous advantage in terms of accessing know-how if it was allowed to join the consortium, the sources said.