Indian Oil Corporation (IOC), which holds nearly nine per cent stake in Haldia Petrochemicals (HPL), would decide on raising its stake once clarity emerges, RS Butola, Chairman of IOC informed.
The firm is expecting clarity on the first right of refusal by another promoter, The Chatterjee Group (TCG), on the stake sale.
Currently, the West Bengal government, TCG, and IOC are major stakeholders. The state government earlier decided to sell its stake in Haldia Petrochemicals by June 30 this year. Butola indicated that the company wanted a clear picture on the entire HPL situation.
HPL has appointed a consultant Deloitte to evaluate and then take a decision and as of now there is no decision, Butola said.
IOC has refinery in Haldia and it has been supplying naptha to HPL so there is some synergy, Butola said when asked whether the company is keen on buying the state government’s stake in HPL.
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