Bankers of HPL too have endorsed the idea and are pitching hard for the chairmanship of Chatterjee.
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Three PSUs, three private firms join bid to acquire 40% stake in Haldia Petrochem.
HPL management's control will go to the promoter who gets access to the 155 million shares block.
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.
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.
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.
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.
Petrochemicals major in talks with rubber producer from Europe, two Western technology providers.
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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RIL had objected to the state government's decision to receive bids in sealed envelopes instead of an open auction.
Gail to finalise HPL equity participation soon
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
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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.
Cites legal battle among latter's promoters as reason for staying away from cash-strapped venture.
Land resources belonging to ailing companies being pitched to pvt players for new initiatives.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
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.
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.
Ajit Mishra, vice president, Research, Religare Broking, answers queries on how to invest in stocks.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Interest rate sensitive stocks gain ground post decision
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