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.
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.
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.
The HPL board had reinstated its CDR committee to woo lenders.
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.
Cites legal battle among latter's promoters as reason for staying away from cash-strapped venture.
Reliance has small parcels of land in West Bengal for its agri-retail plan.
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.
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.
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.
Haldia Petrochemicals Limited, in the midst of a debt restructuring process, is exploring various options for coming out with an initial public offer.
The maiden public offer of Haldia Petrochemicals Ltd would hit the capital market in the third quarter of the current financial year.
Gail to finalise HPL equity participation soon
HPL management's control will go to the promoter who gets access to the 155 million shares block.
While the Trinamool government, led by Chief Minister Mamata Banerjee, tried its best to attract investors, including from Singapore, not much headway could be made.
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