Chatterjee Group's Haldia Petrochemicals deal gets CCI nod.

Competition Commission has cleared Chatterjee Group's proposal to hike its stake in Haldia Petrochemicals by acquiring shares from West Bengal Industrial Development Corp.

The proposed combination is not likely to have appreciable adverse effect on competition in India, the fair trade watchdog said in its order.

Under the deal, Essex Development Investments (Mauritius) Ltd. would acquire 15.4 per cent stake in Haldia Petrochemicals Ltd. (HPL) from West Bengal Industrial Development Corp Ltd.

Essex is part of Chatterjee Group -- which through its affiliate/associate companies namely Chatterjee Petrochem (Mauritius) Company, India Trade (Mauritius) Ltd. and Winstar India Investment Company Ltd., PCC holds 39.54 per cent stake in HPL.

Post the deal, Chatterjee Group's overall shareholding in HPL would increase to about 55 per cent.


ET