Mangalore Refinery and Petrochemicals Ltd (MRPL), which is keen to pick up a controlling stake in the beleaguered Haldia Petrochemicals Ltd., has made a strong pitch to the State government.

In a letter to the State Industry Minister Partha Chatterjee, it has given a detailed proposal, saying that this (acquisition of controlling stake) would be a win-win situation. It has also sought the government's permission to carry out a due diligence of HPL.

MRPL has already had an informal talk with Mr. Partha Chatterjee last week, expressing its keenness to buy a majority stake in the joint venture HPL.

HPL is currently on the throes of a financial crisis. Another round of ownership battle is waiting to break out between the State government and the other major equity holder The Chatterjee Group. Indian Oil Corporation also holds an equity stake in HPL.

Highly placed sources told The Hindu that MRPL was keen to make a presentation on its bid to the government at a meeting in which the Chairman and Managing Director of Oil and Natural Gas Corporation (ONGC) could also be present.

The Mangalore-based company is a subsidiary of ONGC.

Offering a lifeline to HPL, MRPL said should the ONGC group company be given a controlling stake, it could resolve the feedstock problem of HPL, said a communication from its Managing Director, U. K. Basu.


Higher netMay 23, 2012

Haldia Petro sends SOS to banks, FIsMay 22, 2012

More In: Companies | Business