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Indorama Ventures in initial talks to acquire stake in Haldia Petrochemicals

April 19/2017

MOSCOW (MRC) -- Indorama Ventures Public Co. Ltd, the Bangkok-based chemicals maker controlled by the Lohia family, is in initial talks with The Chatterjee Group (TCG) to buy a stake in Haldia Petrochemicals Ltd (HPL), two people aware of the development said, as per Plastemart.

TCG, promoted by non-resident Indian businessman Purnendu Chatterjee, owns close to 48% in Haldia Petrochemicals. Tata has around 2.3% stake, Indian Oil around 7% and lenders around 6% stake in Haldia Petrochemicals.

A stake sale will require approval from the West Bengal government which owns close to 31% stake in Haldia Petrochemicals, the people said, requesting anonymity. "It is not yet decided whether Indorama will acquire a part of TCGs 48% stake or also from other shareholders as well, which also includes Tata Group, Indian Oil Corp. and the companys lenders," said one of the two people cited above.

As MRC reported before, IVL has recently announced that it has entered into a definitive agreement to acquire Glanzstoff Group. Glanzstoff is a major European manufacturer of tire cord fabrics and single-end-cords (SEC) for high performance tire applications.

Indorama Ventures Public Company Limited, listed in Thailand (Bloomberg ticker IVL.TB), is one of the worlds leading petrochemicals producers, with a global manufacturing footprint across Africa, Asia, Europe and North America. The companys portfolio comprises Necessities and High Value-Added (HVA) categories of Polymers, Fibers, and Packaging, selectively integrated with self-manufactured Ethylene Oxide/Glycols and PTA where economical. IVL products serve major  FMCG and Automotive sectors, i.e. Beverages, Hygiene, Personal Care, Tire and Safety segments. IVL has approx. 15,000 employees worldwide and consolidated revenue of USD7.2 billion in 2016.

Haldia Petrochemicals Ltd is a modern naphtha based petrochemical complex at Haldia, West Bengal, India. Haldia has played the role of a catalyst in emergence of more than 500 downstream processing industries in West Bengal with a capacity to process more than 3,50,000 TPA of polymers, among which are polyethylene (PE) and polypropylene (PP).
Author:Margaret Volkova
Tags:Europe, PP, PE, nonwovens, petrochemistry, Haldia Petrochemicals, Indian Oil Corp, Indorama Ventures PLC, India.
Category:General News
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