Home / Knowledge / News / Textiles / West Bengal govt not to sell stake in Haldia Petrochemical
West Bengal govt not to sell stake in Haldia Petrochemical
23
Jun '14
The government of West Bengal, a state in eastern part of India, has decided not to sell its stake in Haldia Petrochemicals Ltd. (HPL), Economic Times reported.
 
Earlier the state government, led by Trinamool Congress’ Mamata Banerjee, had decided to sell its 39.99 percent share in HPL through an auction.
 
To this, several companies, including Reliance Industries, Gail, ONGC, IOC and Cairn India filed expressions of interest. Eventually, however, only the Indian Oil Corporation (IOC) bid for the stake.
 
Meanwhile, the second promoter of HPL, Purnendu Chatterjee led The Chatterjee Group (TCC), objected to the inclusion of 155 million shares in the state government’s auction, claiming to be belonging to TCC. As a result, the entire auction process got delayed and the state government has now terminated the decision to sell its stake.
 
Interestingly, HPL managing director UK Bose, whose tenure was to expire on June 30, 2014, has been given a six-month extension by the HPL Board.
 
In the first quarter of 2014, HPL is expected to post a loss of Rs. 750 million.
 

Fibre2fashion News Desk - India


Must ReadView All

Textiles minister Smriti Irani lighting the lamp to inaugurate the 6th edition of the International Apparel and Textile Fair ‘VASTRA 2017’, in Jaipur. Courtesy: PIB

Textiles | On 22nd Sep 2017

Placement rate in textiles sector is 70%: Indian minister

The recent high growth of foreign direct investment (FDI) in the...

Apparel/Garments | On 22nd Sep 2017

New US FTC rule for RN used on textile product labels

The US Federal Trade Commission recently streamlined requirements...

Textiles | On 22nd Sep 2017

Messe Frankfurt acquires Source Africa, ATF textile shows

Messe Frankfurt, one of the world´s leading trade show organisers,...

Interviews View All

Headhonchos
Indian fashion industry

Cotton consumption will keep growing in the Indian fashion industry

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Representatives
Textile & apparel industry

GST is a complicated and lengthy process

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search