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ONGC no longer interested in HPL

September 17/2013

MOSCOW (MRC) -- ONGC Ltd, the public sector behemoth, has dropped out of the race for the Bengal governments share in Haldia Petrochemicals after the state disallowed the company to form a consortium with Indian Oil. A top official of ONGC said it was no longer interested in HPL after it became evident that the state would turn down its request. We told the state about our intention to form a consortium with one of the shortlisted bidders some time back. But so far it has not been accepted. It is now certain that the request would not be accepted. In this scenario, ONGC is no longer interested in HPL, the official told The Telegraph.

Initially, the state government had agreed to allow consortiums to be formed. It sent out letters to all bidders seeking no objection for change in share purchase agreement regarding consortium. While three public sector units and Cairn India had agreed to form a consortium before the final price bid, Reliance was opposed to it. The memorandum was later modified to exclude the possibility, prompting objections from ONGC.

ONGC became the second company after Essar to exit the race, taking some sting out of the sale process.

Author:Marina Ivanova
Tags:neftehimiya, Haldia Petrochemicals.
Category:General News
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