Indian Oil says Bengal's silence on Haldia Petrochemicals 'surprising': report

Indian Oil Corporation (IOC) has said West Bengal government's silence on Haldia Petrochemicals Limited (HPL) was 'surprising' as there has been no communication since the country's largest oil marketing company made its offer in October last year, according to a senior executive.

"We have made a bid for the West Bengal government's stake in HPL in October which appeared to be valid. But since then, there has been no single communication to us. This is surprising," the executive told PTI.

The executive said that although IOC has a nearly 9 per cent stake in HPL at present, the oil PSU had been eyeing a berth on HPL's board for long.

"But no response was forthcoming from the company's board so far," the executive said.

He said that IOC would now see the outcome of the financial restructuring, which the lenders had agreed to carry out for the troubled petrochemicals firm.

"We will wait till the financial restructuring package is announced. If required, we will again renew our demand for a berth on the company's board."

HPL was being run without a chairman since the exit of former Industry Minister Partha Chatterjee who was replaced by state finance minister Amit Mitra.

On how long IOC would hold on to its offer, the executive said, "It is for the oil PSU's board to take a call on the matter."

IOC had bid for Bengal's stake in HPL at a price of Rs 25.10 per share. But the share transfer process got stuck following the other promoter TCG's opposition and subsequently moving court over the controversial 155 million shares which the Bengal government had clubbed along with its own stake-holding.