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Our Bureau

Kolkata , April 19

THE stalemate over IOC's participation in Haldia Petrochemicals Ltd (HPL) continues without any signs of a resolution.

Even after putting in Rs 150 crore in equity participation, in response to an offer from the West Bengal Government, IOC is still waiting for transfer of the shares by HPL.

IOC was offered a little over seven per cent stake by the West Bengal Government early this year.

"We have already made a payment of Rs 150 crore for allocation of equity shares at par basis. We are awaiting for the share transfer to take place," Mr Sarthak Behuria, IOC Chairman, told newspersons following a meeting with the Chief Minister, Mr Buddhadeb Bhattacharjee, today.

On how soon the transfer was expected to take place, he said: "You may put this question to the shareholders."

Sources said that HPL has not so far cashed the cheque issued by IOC.

Mr Behuria, who was visiting Kolkata for the first time after assuming office in March 1, described today's meeting with the Chief Minister and other State Government functionaries as a "courtesy visit".

"We discussed several issues including Haldia during the course of the meeting."

He, however, maintained that the company was keen on participating in HPL.

"We are told that the State Government is negotiating with The Chatterjee Group (TCG), which has the first right of refusal, for sale of its (State Government's) stake in HPL. If TCG refuses we may be offered the stake," he added.

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