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West Bengal government to select final bidder for HPL stake sale by September 30

KOLKATA: The West Bengal government today said it would select the final bidder for stake sale in Haldia Petrochemicals Ltd(HPL) by September 30. 

HPL chairman and Industries minister 
Partha Chatterjee said the government would be able to finalise the bidder to hive off close to 40 per cent stake in the country's largest petrochemical company. 

An empowered group of ministers HPL and consultant 
Deloitte India members held a review meeting on the stake sale during the day. 

The Purnendu Chatterjee led The Chatterjee Group (TCG), another key promoter in HPL, has the right of first refusal over the shares put on block with the state to offer it a month's time to match the price of the highest bidder. 

The final price bids were expected to be submitted by August 31. 

After Essar Oil's exit from the race to acquire the state's stake in HPL, five companies -
Reliance Industries Ltd, Cairn India, IOC, ONGC and GAIL as of now were in the race. 

Asked if PSU majors 
IOCBSE -0.92 % an ONGC would be allowed to bid via a joint consortium, Chatterjee said: "Deloitte is the consultant and they will take a call on this soon."