Indorama’s Lohia family eyes Haldia Petrochem stake

Deborshi Chaki deborshi.c@livemint.com n

KOLKATA: Indorama Ventures Public Co Ltd, the Bangkok-based chemicals maker controlled by the Lohia family, is in initial talks with The Chatterjee Group (TCG) to buy a stake in Haldia Petrochemicals Ltd, two people aware of the development said.

TCG, promoted by non-resident Indian businessman Purnendu Chatterjee, owns 48% in Haldia Petrochemicals. A stake sale will require approval from the West Bengal government, which owns close to 31% stake in Haldia Petrochem, the people said, requesting anonymity.

“It is not yet decided whether Indorama will acquire a part of TCG’s 48% stake or also from other shareholders as well which also includes Tata Group, IOC and the company’s lenders,” said one of the two people cited above.

Tata has around 2.3% stake, Indian oil around 7% and lenders around 6% in Haldia Petrochem.

Haldia Petrochem has a naphtha-based complex at Haldia, about 125 km from Kolkata. The plant was commissioned in 2000 and the company is one of the largest in India in terms of production capacity.

TCG, which took over management control of Haldia Petrochem in 2015 from the West Bengal government after settling a prolonged ownership feud, is keen to bring Indorama as a strategic partner as it looks to scale up operations, the people cited above said.

Both TCG and Indorama Ventures didn’t respond to emailed queries sent last week.