Indian Oil Corporation (IOC) is expected to join hands with Gas Authority of India Ltd (Gail) to pick up equity in the joint venture Haldia Petrochemicals Ltd (HPL).
Though some serious discussion on the proposal have already taken place between the petroleum ministry and officials of the two public sector undertakings, a final decision is expected only on the return on petroleum minister Ram Naik from his tour to the UK and USA next week.
Senior officials of the West Bengal government and the Chatterjee Group (TCG), which, along with Tata Sons, are promoters of HPL, have also been meeting the minister on the issue. An official of TCG is expected to meet Naik in the US and make a detailed presentation on the corporation. The government seems to be of the view that with the joint financial powers of the two highly-profitable public sector undertakings, it should not be difficult for the consortium to offer a
