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The Chatterjee Group is finally set to takeover Haldia Petrochemicals Ltd and TCG chief Purnendu Chatterjee is likely to become the chairman of the beleaguered company soon.
After the board meeting here on Thursday, Chatterjee said he was expecting TCG to take control of HPL soon. "It's a process and it takes time," he later told Business Standard. This is the first time there is an official word on TCG taking control of HPL.
Business Standard reported in March that both the key promoters-TCG and State government- had decided to resolve the long drawn tussle over management control of the company. The state government after accepting a lone valid bid from IOC for selling its stake in HPL kept mum on the whole stake sale process.
According to sources, TCG has also presented a number of conditions to the Bengal government for taking over HPL and the details are being worked out.
"Due to the code of conduct ahead of the coming polls, the announcement was being kept on hold," said a source
The Bengal government holds about a 40 per cent stake in HPL which was put on sale. After submission of Expressions of Interest by the sector majors in reply to the government's invite for the stake sale, IOC had emerged as the sole valid bidder for Bengal's stake earlier this year and offered to buy the shares at Rs 25.10 each. The government has now decided to sell that stake to TCG for the same price.
Meanwhile, HPL MD UK Basu, whose term was supposed to end in June, would get an extension. However, the TCG chief did not clarify the period of extension for Basu.
On securing more funds from the lenders for HPL, Chatterjee said, the efforts were on to bring in more funds. HPL's net worth has been eroded due to continuous losses. It has been struggling to secure adequate naphtha to run the plant at full capacity. However, the company managed to survive once again from reporting to BIFR.
