Indian Oil, ONGC in talks acquire Haldia Petrochemicals

Indian Oil, ONGC in talks to acquire Haldia Petrochemicals

12:20 PM, 14th June 2012
Indian Oil, ONGC in talks to acquire Haldia Petrochemicals

NEW DELHI/KOLKATA, INDIA: Indian Oil Corp and Mangalore Refinery & Petrochemicals, a subsidiary of Oil and Natural Gas Corporation (ONGC), are keen to acquire a majority stake in Haldia Petrochemicals Ltd. Haldia Petrochemicals, which owns a naphtha cracker, is a joint venture of the eastern West Bengal state government, The Chatterjee Group, the Tata group and Indian Oil Corp.

According to a MRPL executive, they have requested to be allowed to do the due diligence. IOC and MRPL had expressed their desire to take over the company. Haldia’s cracker is operating only at 55 per cent capacity as it needs funds to buy more feedstock. Banks have declined to extend loans to the company and want the majority shareholders to pump in more money or rope in a strategic partner. Haldia has a debt of 40 billion rupees ($716 million).

© 2012 Dow Jones News

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