ONGC deciding whether to bid for HPL stake: Vasudeva

Kolkata, May 17 (IANS) State-owned energy major ONGC Friday said it is at present “examining” whether to bid for cash-strapped Haldia Petrochemicals Ltd (HPL) as the West Bengal government has recently invited expressions of interest for selling its stake in the beleaguered firm.

“It is to be decided in the boardroom. We are examining now,” Oil and Natural Gas Corporation (ONGC) chairman and managing director Sudhir Vasudeva told reporters here to queries if his company would bid for a stake in HPL.

“If it is commercially viable, then we will bid,” he added.

Vasudeva was speaking to the media after an event organised by the organised by the Bengal Chamber of Commerce and Industry here.

The state government has recently invited expressions of interest (EoI) through West Bengal Industrial Development Corporation (WBIDC) for 39.99 percent stake in the petrochemical company, the second largest maker of polyethylene in India and co-promoted by The Chatterjee Group (TCG).

The 675 million shares being put on the block also included the 155 million shares on which TCG laid claim.

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