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Reliance, IOC, Cairn India in race for 31% stake in HPL

By Religare
Reliance, IOC, Cairn India in race for 31% stake in HPL
Indian oil & gas majors such as Indian Oil Corporation and Cairn India are planning to buy 31 per cent stake in struggling Haldia Petrochemicals Ltd (HPL).

RIL, IOC, Vedanta Resources through subsidiary Cairn India, state-owned Oil and Natural Gas Corp (ONGC), gas utility GAIL India Ltd and Naveen Jindal's Jindal Steel and Power Ltd had submitted expressions of interest to buy a 31 per cent stake in HPL held by the West Bengal government.

According to media report, six companies are doing due diligence and they will be asked to submit price bids in September.

Moreover, Deloitte Touche Tohmatsu India has been appointed as the transaction advisor to the West Bengal government and will manage the divestment.

HPL had an accumulated loss of Rs 1,980 crore at the end of March 31, 2012, and debt topping Rs 3,500 crore.

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