Indian Oil sole bidder for Haldia Petro stake

Oct 08 2013, 01:05 IST
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SummaryThe state government, however, decided not to open the bid pending further discussions between the Group of Ministers on the sole bid.

State-owned Indian Oil Corporation (IOC), which already owns more than 8 per cent in Haldia Petrochemicals Limited (HPL), today emerged as the sole bidder with an offer of less than Rs 3,000 crore for West Bengal government’s stake in the ailing company. The state government, however, decided not to open the bid pending further discussions between the Group of Ministers (GoM) on the sole bid.

State industry minister Partha Chatterjee told reporters here “the bid has not been opened. We are not in a hurry. We want to do transaction in a transparent manner”.

A source associated with today’s development said that the government has four days time to open the bid. “Before that, the GoM will have to decide on the reserve price”. Although five companies, IOC, GAIL, ONGC, Reliance Industries and Cairn India, have emerged as qualified bidders for nearly 40 per cent of the government’s stake in HPL, only IOC submitted its bid since morning.

The government decided to sell its stake in HPL, following which Deloitte was appointed as the transactional adviser.

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