The West Bengal government would appoint an advisor in 10 days for sale of its shares in Haldia Petrochemicals Ltd (HPL), the state Industry Minister, Partha Chatterjee said.
Chatterjee said after the meeting of the core committee on industries that “advisor would be appointed in 10 days”.
The government, through WBIDC, has decided to sell the shares and the entire process would be completed by the end of March 31, 2013.
The state government owns around 39 per cent equity in HPL, which is facing funds crunch at present.
The Minister had earlier said that the shares of the company would be auctioned and the other promoter TCG would be offered to exercise its first right of refusal.
If TGC, which holds 36 per cent equity, declines to buy at that price, then the shares would be offered to the highest bidder, he had said.