The Chatterjee Group emerges single largest shareholder in HPL

Purnendu Chatterjee-led The Chatterjee Group (TCG) has emerged as the single largest shareholder in Haldia Petrochemicals Limited after the former paid Rs 653 crore for buying out 26 crore shares from West Bengal Industrial Development Corporation (WBIDC).

“TCG had paid Rs 653 crore to WBIDC for buying out 26 crore shares of HPL. The transaction was effected on December 31, 2015, which (was) the deadline set by the state government,” a senior official of WBIDC said.

This was the first tranche of shares that was supposed to be bought by TCG, following which its shareholding in the company would cross 48 per cent from the present around 39 per cent.

The fate of controversial 15.5 crore shares, now under the custody of WBIDC, would be decided through the legal route, the official said. The official said with the completion of the transaction, the long-standing dispute on the ownership status of HPL had been resolved.

WBIDC’s share now stood at 35.02 per cent.

Reeling under a severe working capital crisis, the company's plant at Haldia in the state reopened early 2015 after seven months of shutdown following infusion of credit by SBI and some other banks.

TCG would get another seven years time to buy out the second tranche of another 26 crore shares.