PSUs and major private players have evinced interest in buying out West Bengal government’s stake in Haldia Petrochemicals Ltd (HPL), which has been put on the block.

“The last date for submission of expression of interest (EoI) was yesterday. Several big companies both in the public and private sectors had shown keenness to participate in the bidding process,” sources in West Bengal Industrial Development Corporation (WBIDC) told PTI.

Companies which had submitted EoIs were Indian Oil Corporation, ONGC and GAIL from the public sector.

From the private sector Reliance Industries, Cairn India and Jindal Petroleum had shown interest, the sources said.

The state government, which holds nearly 40 per cent stake in HPL, has appointed Deloitte as transactional adviser through its investment promotion arm WBIDC to seek EoIs.

The other principal promoter — TCG of Purnendu Chatterjee is the second largest shareholder owning 37 per cent stake.

State’s Commerce and Industries Minister Partha Chatterjee said the entire bidding process would be conducted by Deloitte on behalf of WBIDC.

The highest bid would be offered to TCG as first right of refusal.

If TCG refused to accept the price, the shares would be offloaded to the highest bidder.

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