West Bengal govt to appoint advisor for HPL share sale

State govt has decided to sell the shares, entire process to be completed by end of March 2013

West Bengal government would appoint an advisor in 10 days for sale of its shares in Haldia Petrochemicals Ltd (HPL), state Industry Minister Partha Chatterjee said.

Chatterjee told reporters after the meeting of the core committee on industries that "the 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% 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% equity, declines to buy at that price, then the shares would be offered to the highest bidder, he had said.