In an effort to work out an amicable solution with the West Bengal government, The Chatterjee Group (TCG) today indicated it was ready to co-habit with Indian Oil if IOC remained a portfolio investor in Haldia Petrochemicals (HPL). IOC had earlier stated it wasn’t keen on having portfolio investments in HPL only, but would strive towards gaining management control in the company. Sources said since the CLB order would ultimately vest management control with TCG, it would not be problem if IOC was content with 7.5 per cent stakeholding in the petrochemicals company.The CLB order had directed West Bengal government to offload 520 million shares to TCG, the floor price of which was Rs 28.80 per share.According to sources, TCG was ready to hold talks with the West Bengal government along these lines. Sources said the change in stand was necessitated since TCG was looking forward to reach out an amicable solution to the HPL imbroglio. On the same of issue of share transfer to IOC by the West Bengal government, TCG had moved the CLB for a stay. But the order had upheld the transfer to IOC. Asked whether TCG was willing to abide by the CLB order, sources said the strategy was being formulated, adding that the group was still awaiting for a feedback from the West Bengal government.
