The Hindu Business Line : Haldia Petro: TCG meets Bengal Minister for out-of-court settlement

AFTER nearly a four-month stand-off since they had approached the Company Law Board (CLB) challenging the decision to include IndianOil in Haldia Petrochemicals Ltd, the TCG Group Chairman, Mr Purnendu Chatterjee, met the State Commerce and Industry Minister, Mr Nirupam Sen, for an out-of-court settlement of the issue. TCG group is the private promoter of the joint sector HPL.

Responding to a plea from TCG, the CLB had previously asked both the parties to explore options to resolve differences amicably.

Talking to media persons here, Mr Chatterjee said Friday'smeeting was aimed at resolving the differences between his group and the State Government amicably. "It is the first step towards an amicable settlement which will take its due course."

According to him, the State Government appreciated his commitment towards Haldia Petrochemicals and the industrial development of the State and had expressed its willingness to resolve the issues amicably.

Mr Chatterjee, however, indicated that TCG was against allowing Indian Oil taking control of the project. "The larger goal of converting HPL into a Bengal-based conglomerate cannot be achieved by making it a subsidiary of a big company," he said, adding that his group was interested in buyback of the State Government's holding in the company.

On whether the proposed settlement would consider inclusion of IOC in the project, he said that all the issues would be discussed.

Later, Mr Sen said that responding to the TCG group's proposal for an out-of-court settlement, the State Government had asked it to submit a draft proposal.

On TCG's proposal for buyback, he indicated that it was not in the agenda of Friday's meeting. "It was an old proposal," he said. Asked whether the State Government would consider selling its stake to TCG in case of a fresh request from the latter, he declined to comment.

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