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Construction : Deals | September 2014 | Source : Construction Update

TCG Group to acquire 40 per cent stakes in Haldia Petrochemical

The West Bengal government is transferring its stake in Haldia Perrochemical Ltd to Purnendu Chatterjee's TCG Group. As per the agreement signed West Bengal Industrial Development Corporation (WBIDC) would transfer 40 per cent of its equity to TCG at a unit price of Rs. 25.10 a piece. The price is the same as that bided by IOC which backed out after TCG went to court and realized that it wouldn’t gain management control. Indian Oil Corporation (IOC) owns 8.3 per cent stake in the company.
 
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