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Indian Oil's bid for Haldia Petrochemicals accepted by government

2:15 AM MDT | October 11, 2013 | Natasha Alperowicz

The government of West Bengal has accepted Indian Oil Corp.’s (IOC; New Delhi) bid to acquire the government’s 39.9% stake in Haldia Petrochemicals (HPL; Kolkata), the only major producer of petrochemicals on the east coast of India, the government said on Thursday. “After several rounds of discussion among the group of ministers, we have decided to accept IOC’s bid. It is higher by several notches than the reserve price. We have decided to sell the West Bengal government’s stake in HPL to save the company and make sure that fresh...

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