Haldia Petrochemicals Limited (HPL) has approached the Ministry of Petroleum and Natural Gas to rope in Gas Authority of India Limited (Gail) as both an equity partner and partner in commercial operation.Though Gail board is yet to take a final decision on the issue, according to sources Gail would not pick up more than 10 per cent stake in the company. If Gail decides to pick up 10 per cent stake then HPL would get an infusion of around Rs 200 crore as equity. This would enable Gail to get more debt from the FIs as it would better the debt equity ratio of HPL. At present, the debt equity ratio of HPL stands at almost 7:1.West Bengal government officials and Purnendu Chatterjee met Petroleum Minister Ram Naik on Thursday. Talking to The Indian Express, Ram Naik said that the State Chief Minister had written a letter to him seeking his help in roping in Gail as a partner. The meeting held by the petroleum minister was in response to the letter. However, Naik said that it is up to the Gail board to decide on the issue. Further, Gail also has to do a due diligence to pick up equity, Naik added. On any possibility of participation of IOC in HPL, Naik said that the State has made it clear that neither Purnendu Chatterjee nor the State government is ready to reduce its stake below 26 per cent. IOC had earlier stated that it would pick up equity in HPL provided it gets 26 per cent and also the other two partners should hold less than 26 per cent.
