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India's Supreme Court Rejects Chatterjee's Appeal for Control of Haldia; Reliance May Be Interested

11:22 AM MDT | October 6, 2011 | Natasha Alperowicz

India’s Supreme Court on Friday rejected an appeal by Purnendu Chatterjee, one of the original promoters of Haldia Petrochemicals Ltd., (HPL; Kolkata), for the control of the company. HPL is the only major producer of petchems on India’s east coast. The ruling ended a six-year battle between the former state government of West Bengal and the Chatterjee group, which sought an additional 9.93% stake in the company, thus giving it majority control of HPL. The West Bengal government owns 51.76% stake in HPL; the Chatterjee group 36.45%; Indian Oil 8.19%...

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