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People & Business :: M&A

Bidders given June deadline to express interest in Haldia Petrochemicals

11:12 AM MDT | May 13, 2013 | Natasha Alperowicz

The West Bengal government has put out an advertisement seeking expressions of interest (EOI) for its share in troubled Haldia Petrochemicals Ltd. (HPL; Kolkata, India). The advertisement, issued by the government’s adviser Deloitte, is seeking EOIs for the state government’s shareholding block of 39.99% through competitive bidding. Bidders have to respond by 10 June. The local government decided to exit loss-making HPL but will have to offer the first right of refusal to Purnendu Chatterjee–led The Chatterjee Group, existing shareholder in HPL...

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