For the stake sale of Haldia Petrochemicals (HPL), final price bids are expected to be submitted by mid September, according to officials with direct knowledge of the matter. Earlier, West Bengal government, which holds about 40 per cent stake in eastern India’s biggest petrochemical company had said it will select the final bidder by end of September. That looks almost impossible as bidders had raised issues with the share purchase agreement.
An official with the knowledge of the matter said that it was expected that bidders will submit bids by August 31 but that did not happen as they had raised issues with the share purchase agreement. As of now, things look like bidders are likely to submit the bids by about mid September.
Currently, Mukesh Ambani-led Reliance Industries, Cairn India and state-run Indian Oil Corp, GAIL India and Oil and Natural Gas Corp are in the hunt for the stake in eastern India’s biggest petrochemical company.