From the sale of its stake in Haldia Petrochemicals (HPL), the West Bengal government is expecting to earn more than Rs 1,500 crore in spite of accumulated losses and erosion of more than 50 per cent of the net worth of the petrochemical firm.
Experts feel that the unexpected response to buying the government's stake in HPL, despite erosion of over 50 per cent peak net worth of the company, is largely owing to its intrinsic value. Reliance Industries (RIL) and State-run Maharatna oil giants Indian Oil, ONGC and Gail to private sector behemoth Anil Agarwal-led Cairn Energy, had submitted expression of interest (EOI) for HPL.
The base price of an HPL share could be fixed from Rs 20 to 25 based on various financial parameters. Acording to a former oil industry official, the interest in different levels is largely owing to the huge opportunity cost of setting up of a greenfield unit like this.