The West Bengal government aims to complete the proposed sale of its entire 41% stake in Haldia Petrochemicals Limited by November, Industry Minister Partha Chatterjee said. "We have cleared everything. The state government will soon issue a notification in all leading dailies seeking expression of interest from investors for Haldia Petrochemicals," Chatterjee added. The state government had appointed consulting firm Deloitte in December 2012 to advise it on the stake sale. The stake will be sold via an auction but The Chatterjee Group will have the first right of refusal. West Bengal holds the stake through West Bengal Industrial Development Corp.

The West Bengal government is in a hurry to sell its stake in Haldia Petrochemicals Limited (HPL). The government might face a legal issue in the privatization process as The Chatterjee Group (TCG), a key promoter of HPL, has filed a special leave petition in the Supreme Court. TCG is challenging the Calcutta High Court order that barred TCG from filing a petition in the International Court of Arbitration in France. The move by Purnendu Chatterjee, TCG Chairman might spoil the government’s plan to auction its stake in HPL. A TCG source said, “They (TCG) filed the SLP in the Supreme Court two days ago, as the High Court division bench cleared the matter. Now, the idea of having the auction itself doesn’t stand valid."

Indian Oil Corporation Limited (IOC) has renewed its interest to buy a controlling stake in Haldia Petrochemicals Limited (HPL). The State Bank of India (SBI) and IDBI Bank have called a meeting on January 7, 20132 with the The Chatterjee Group and West Bengal Industrial Development Corp to discuss IOC's proposal, among others. Indian Oil has given a blueprint to SBI and IDBI on the synergies possible with HPL, sources said. The West Bengal government has hired Deloitte on January 1, 2013 as the transaction adviser for the entire bid process. However, IOC is understood to be keen on a negotiated deal with the promoters of HPL against competing with others in auction. IOC already owns 8.89% stake in HPL.