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Reports: ONGC pulls out of race to acquire Haldia Petrochemicals

8:50 AM MDT | September 16, 2013 | Natasha Alperowicz

Oil and Natural Gas Corp. (ONGC; New Delhi, India) has pulled out of a race to acquire the West Bengal, India's governmental stake in Haldia Petrochemicals Ltd. (HPL; Kolkata, India), local press reports say. The move follows objections from two other bidders, Reliance Industries and Gail (New Delhi), to ONGC's plans to form a consortium with Indian Oil to buy the stake of about 40% in HPL.   The state government initially agreed to allow consortia to be formed, and a joint bid from ONGC and Indian Oil—which already owns 8.9% in HPL and operates a...

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