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News Brief | July 2014

Bengal, IOL lock horns over Haldia

State-owned Indian Oil Corporation (IOC) has rued that the West Bengal government has assured prospective bidders that the contentious bundle of 155 million shares of Haldia Petrochemicals belonged to them, which was coming in the way of closing the transaction process. "The West Bengal government had assured prospective bidders in the pre-bid meeting that there was no issue relating to 155 million shares and the bundle was in their custody," a senior IOC official said. IOC has turned out to be the single valid bidder for buying out the West Bengal government's shares in the financially-troubled Haldia Petrochemicals.
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