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Indian Oil set to win control of Haldia Petrochemicals

9:30 AM MDT | October 7, 2013 | Natasha Alperowicz

Indian Oil Corp. (New Delhi) appears set to win control of ailing Haldia Petrochemicals (HPL; Kolkata, India), the largest petrochemicals producer on the east coast of India. S. Mitra, executive director/petrochemicals at Indian Oil tells, CW that the government of West Bengal has received just one bid for the government’s 39.9% stake in HPL. Bidding opened today. Together with the 8.5% that the company already has in HPL, Indian Oil’s share would rise to 48.4% and give it managerial control of the company.   However, the Prunendu...

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