Date:21/06/2005 URL: http://www.thehindubusinessline.com/2005/06/21/stories/2005062101521700.htm

Back Bengal bars Haldia Petro from taking part in Basell acquisition

Our Bureau

Kolkata , June 20

THE West Bengal Government will not permit Haldia Petrochemicals Ltd to participate in the TCG- (The Chatterjee Group) led global consortium for the acquisition of the Amsterdam-based Basell NV as long as it remains a shareholder of the company.

This was stated by Dr Sabyasachi Sen, Secretary to the West Bengal Commerce and Industry Department. He was talking to presspersons after attending the inaugural session of a seminar organised by the Bengal Chamber of Commerce and Industry.

According to Dr Sen, the West Bengal Government wants Haldia Petrochemicals to play a significant role in the development of the State's economy. It does not want to take the company into the top international league for now.

However, if the State Government sells its stake to Dr Purnendu Chatterjee of TCG, it will not attach any rider to the stake transfer agreement under which it would bar Haldia Petrochemicals from participating in the Basell acquisition.

"We will certainly like to see a company from our State become a global player. But as long as we are a shareholder, we will not want Haldia Petrochemicals to participate in the Basell acquisition," Dr Sen said.

He added that West Bengal Government still wants to get out of Haldia Petrochemicals and according to the existing terms and conditions, it had offered its shares to TCG.

On the stake transfer, he said that things are yet to fall into shape.