The Hindu : Reliance to vie for HPCL pie

Online edition of India's National Newspaper
Sunday, Feb 16, 2003

Business

Business

Reliance to vie for HPCL pie

NEW DELHI FEB. 15. Reliance Industries Ltd. (RIL) today said it will bid for acquiring 34.01 per cent stake in Hindustan Petroleum Corporation Ltd. (HPCL) along with management control.

The exact decision will be taken at a board meeting of the company, Mukesh Ambani, Chairman, told newsmen at the Plastindia-2003, which got under way today. However, Mr. Ambani refused to divulge the date of the board meeting.

The RIL Chairman's statement was much more categorical than his yesterday's information to the media that the company would consider bidding for HPCL.

To a question on the proposed strike called by employees of HPCL over disinvestment of the company, he said it would not affect the bidding process. Citing the example of RIL taking a strategic control in IPCL, Mr. Ambani said initially there was some resistance to the entry of the private player but it fizzled out subsequently. "It all depends on the attitude of the people,'' he added.

The workers of the Rs. 45,200-crore HPCL have threatened to block the due diligence process to avert its privatisation.

They had also issued a warning that they would start agitation against the disinvestment of the company. The Disinvestment Secretary, Pradip Baijal, had disclosed recently that advisors for HPCL disinvestment would be appointed next week.

Reliance had acquired control of government-owned IPCL last year.

— UNI

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