Indian Oil Corporation (IOC) has said it was still interested in negotiations with the promoters of Haldia Petrochemicals Ltd (HPL) even after HPL chairman Tarun Das said the deal with the navaratna PSU to step in a strategic investor was off.
In an official statement on Wednesday, the company maintained that it would still pursue the deal with HPL according to its proposal sent on December 2001. It proposed that IOC was willing to pick up 26 per cent with management control, with no other promoter to have equity holding more than IOC, and majority representation of IOC in the board along with 100 per cent naphtha sourcing to HPL.
IOC sources said the company had always been open to the HPL deal.