The West Bengal Government has issued an advertisement seeking Expressions of Interest (EoI) for stake sale in troubled Haldia Petrochemicals Ltd (HPL).
The advertisement, issued by appointed transactional adviser Deloitte, invited EoIs for sale of the state government’s shareholding block of 39.99 per cent held through WBIDC, WBIIDC and WBFDC in HPL through competitive bidding.
HPL, an integrated petrochemicals firm, is spread over 1,200 acres with a township over 250 acres, it said.
The company has a cracking facility of 700 kilo tonne per annum.
Bidders will have to respond to Deloitte by June 10.
The Trinamool Congress Government decided to exit the loss-making company and had appointed Deloitte for valuation of shares.
The Government will have to offer the first right of refusal to Purnendu Chatterjee led TCG (The Chatterjee Group), else the shares would be offered to the highest bidder.
Major Indian companies operating in the petrochemicals space are Indian Oil and Reliance Industries.