Financial Daily from THE HINDU group of publications
Friday, Aug 29, 2003
Financial Daily from THE HINDU group of publications Friday, Aug 29, 2003 |
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Corporate
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Announcements Industry & Economy - Disinvestment Reliance begins due diligence of HPCL Our Bureau
New Delhi , Aug. 28 RELIANCE Industries Ltd on Thursday began the due-diligence process for finalising its bid for Hindustan Petroleum Corporation Ltd (HPCL), which is on the privatisation block. Reliance officials visited the data room of HPCL in Delhi for scrutiny of the company's books, a senior Government official told Business Line. The due diligence process was kicked-off today in the face of the Petroleum Ministry's suggestion to defer it till such time that the Supreme Court heard a petition challenging the Government decision's to privatise the oil company without Parliamentary approval. The Supreme Court is set to hear the case on September 1. Meanwhile, officials said that the security arrangements at HPCL's plant site at Mumbai and Visakhapatnam were being worked out to ensure an incident-free due diligence process at the two locations. The Government is faced with stiff opposition from the workers' unions to keep in abeyance the due diligence process till such time that the Supreme Court passes its judgement on the issue of Parliamentary approval for the privatisation process. Since HPCL does not have any significant presence in Delhi, today's incident-free smooth process may not be indicative of the employee-environment in Mumbai and Visakhapatnam, officials said.
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