A TCG-led consortium headed by Purnendu Chatterjee has acquired the assets of Basell NV, a joint venture between Royal Dutch/Shell Group and BASF.
According to sources, the agreement, signed in London on Wednesday evening has been approximately valued at euro four billion.
TCG had been eyeing the assets of Basell, which had been put on the block.
Basell is the world's largest producer of polypropylene and polyethylene and has several product patents in its fold.
The sources said that upon acquiring Basell's assets, TCG would give an option to Haldia Petrochemicals Limited board for joining the consortium. TCG is a principal shareholder in HPL.
According to sources, the HPL board and the company's 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.
