TCG-led consortium will be required to pay more than $5.16 bn for Basell.
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.
US-based enterprise software majors Financial Technologies International and TCG Software Services Inc would invest $20 million in India in the next four years.
West Bengal government, through its arm West Bengal Industrial Development Corporation, had decided to offload its shares (which included the controversial 155 million shares) following which IOC emerged as the sole valid bidder.
Bankers of HPL too have endorsed the idea and are pitching hard for the chairmanship of Chatterjee.
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.
HPL management's control will go to the promoter who gets access to the 155 million shares block.
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RIL had objected to the state government's decision to receive bids in sealed envelopes instead of an open auction.
He is the man behind Blackstone's India strategy
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 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.
Indigo Lever Shared Services, the BPO arm of the Unilever Group of companies, has acquired 26,000 square feet in First Technology Place, a technology park at Whitefield, Bangalore.
IOC's entry into Haldia Petrochemcials Limited was virtually approved of, with the two main promoters -- West Bengal government and The Chatterjee Group -- agreeing to IOC's proposal of management control in the company.
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Three PSUs, three private firms join bid to acquire 40% stake in Haldia Petrochem.
While it was no secret that Mamata was upset with Patha Chatterjee for a while as he has hardly been successful in bringing any big-ticket investment, there is a strong buzz that it was the controversy over the HPL bid that finally influenced her decision.
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