• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Port Info

• Ships in Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• The Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Kolkata , Aug. 9

THE Tata group supported the West Bengal Government in the recent controversy over the induction of IOC into Haldia Petrochemicals Ltd (HPL) with a 7.5 per cent stake, but Mr Ratan Tata resigned from the company's board of directors.

IOC's participation in HPL as a shareholder was the "best thing to happen", Mr Tata told reporters after chairing the 42nd annual general meeting of Tata Tea Ltd.

"We fully support the move selling stake to Indian Oil. This has been done in the best interest of Haldia Petrochemicals," he said. He also confirmed his resignation from the HPL board recently.

Mr Tata and Mr Jamshyd Godrej had joined the HPL board over a year ago. Mr Tata said he had rejoined the board on the request of the West Bengal Chief Minister, Mr Buddhadeb Bhattacharjee.

"However, as the State Government is planning to divest its stake I have decided to move out of the board," he said.

He, however, added that he would reconsider his decision as the Government had decided against selling its shares to The Chatterjee Group (TCG). "I cannot flip flop on this issue every now and then," he said.

At present, the Tatas hold approximately 2-3 per cent in HPL. The company also owes Rs 989.21 lakh to Tata Tea. Mr Tata said the HPL management had agreed to repay the money.

Adding another dimension to the ongoing tussle between the West Bengal Government and TCG, Mr Tata said his group had not received any offer from TCG to buy its stake in HPL.

Mr Tata was extremely bullish on the region's business prospects, especially Kolkata city. He appreciated the role played by the Chief Minister too. Against this positive background, Mr Tata said they were looking at several new opportunities in the State, especially in the automobile and power sectors.

Meanwhile, the State Government has granted the Tatas land at the New Town Rajarhat for a proposed cancer hospital. The 150-bed hospital would be built at a cost of Rs 92 crore, Mr Tata said.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Sweeping rally

Copyright © 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line