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People & Business :: M&A

Bids for Haldia by end of the month; Essar pulls out; IOC and ONGC propose joint bid

1:56 AM MDT | August 14, 2013 | Natasha Alperowicz

Companies which have expressed interest in acquiring West Bengal government’s stake in Haldia Petrochemicals (HPL; Kolkata), India’s only major producer of petrochemicals on the east coast of the country, have completed their due diligence, local media reports today. Essar Oil, which was 1 of the original 6 companies to express an interest, has pulled out of the process on the grounds that HPL would not be a strategic fit for the company.   Those still in the race are Reliance Industries, Indian Oil Corp. (IOC), Oil and Natural Gas Corp. (ONGC...

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