IHS Chemical Week

Haldia dispute close to resolution

11:37 AM MDT | June 12, 2014

The West Bengal government and The Chatterjee Group (TCG)—co-promoters of Haldia Petrochemicals (HPL; Kolkata), the only major producer of petrochemicals and polymers on the east coast of India, have agreed to resolve their decade-old dispute over the ownership and control of HPL, local reports say. However, the country’s banking regulator now holds the key to the deal being funded. West Bengal has agreed to hand control of HPL to TCG by selling 520 million shares at 25.10 Indian rupee/share, the same price as was offered by Indian Oil Corp. in October last...

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