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
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 TCG’s 48% stake or also from other
shareholders as well, which also includes Tata Group, Indian Oil Corp. and the
company’s 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
Indorama Ventures Public Company Limited, listed in
Thailand (Bloomberg ticker IVL.TB), is one of the world’s leading petrochemicals
producers, with a global manufacturing footprint across Africa, Asia, Europe and
North America. The company’s 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
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).