A new Rs 6,000 crore integrated phenol and acetone plant, India's largest, has been inaugurated in Haldia, West Bengal. Developed by Adperma Private Limited, a subsidiary of Haldia Petrochemicals Limited (HPL), the facility aims to reduce India's reliance on imported industrial chemicals and boost the domestic specialty chemicals sector. West Bengal's Chief Minister announced a new industrial policy following the inauguration.
According to a source, banks have decided to infuse funds after Purnendu Chatterjee, chairman of The Chatterjee Group, agreed to invest Rs 100 crore (Rs 1 billion) as margin amount into the ailing plant.
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RIL had objected to the state government's decision to receive bids in sealed envelopes instead of an open auction.
One person died, and more than 20 others were injured after a major fire broke out in a naphtha-carrying pipeline of Haldia Petrochemicals Ltd (HPL) in West Bengal's Purba Medinipur district in the early hours of Tuesday, the police said.
West Bengal could be the Bharatiya Janata Party's real test case of its business-friendly policies, points out Kanika Datta.
'We have a very demanding electorate which expects us to do something. So we will have to do something which is a bit out of the ordinary while at the same time keeping in mind the risk factors.'
The legal battle for control of Haldia Petrochemicals Ltd took a new twist on Wednesday when The Chatterjee Group contended before the Company Law Board that 15.5 crore (Rs 155 million) shares of the company were unaccounted for.
Tata group chairman Ratan Tata on Tuesday came out in support of the West Bengal government for offering shares of Haldia Petrochemicals Limited to state-owned Indian Oil Corporation -- a decision contested by HPL's principal promoter, the Chatterjee
Petrochemicals major in talks with rubber producer from Europe, two Western technology providers.
Cites legal battle among latter's promoters as reason for staying away from cash-strapped venture.
Haldia Petrochemicals Limited, in the midst of a debt restructuring process, is exploring various options for coming out with an initial public offer.
IndianOil already has a 8.89 per cent stake in HPL by virtue of a Rs 150-crore (Rs 1.5-billion) investment made in 2004.
A 7-yr legal tussle over Haldia Petrochemicals looked close to being resolved. But when Mamata Banerjee upped the ante, it was back to square one for investor Purnendu Chatterjee.
Lenders have thrown their hat into the Haldia Petrochemicals Limited case with Industrial Development Bank of India moving the Calcutta high court against the Company Law Board order on share transfer to the TCG firm.
The maiden public offer of Haldia Petrochemicals Ltd would hit the capital market in the third quarter of the current financial year.
India's brittle energy security is inextricably linked to two opposing paradigms - fossil fuels, and the transition to green energy. The first powers the present; the second paves the way for Viksit Bharat in 2047.
The HPL board had reinstated its CDR committee to woo lenders.
The West Bengal government on Thursday refuted the allegations of The Chatterjee Group and told the Company Law Board there was nothing illegal in 15.5 crores additional shares of Haldia Petrochemicals Ltd.
Reliance has small parcels of land in West Bengal for its agri-retail plan.
Partha S Bhattacharyya, the outgoing chairman of Coal India, is probably best described as the man who led the company's transition from the world's largest coal miner to the country's fourth largest company in terms of market capitalisation.
Executives from private companies such as Shell and Blackstone are likely to be invited for interviews for the post of chairman and managing director of state-run Oil and Natural Gas Corporation.
Gail to finalise HPL equity participation soon
