Haldia Petrochem makes fresh bid for Nagarjuna refinery

Kolkata-based Haldia Petrochemicals has filed a fresh bid for the oil refinery of Nagarjuna Oil in Tamil Nadu’s Cuddalore district, a coastal plant facing liquidation that may be turned around into a large petrochemical complex and refinery should creditors agree to the bid in a meeting slated for December. Adani Ports, also interested in the 2,185-acre property, has not filed a bid but persons aware of the revival effort said the Karan Adani-led unit was watching the Haldia offer closely.

The offer from Haldia, submitted on October 10, will soon be deliberated by the lenders committee with dues, including interests, exceeding Rs 9,800 crore.

“The lenders’ meet is expected to take place in December. Haldia’s scheme of revival has been submitted to the lenders. The new offer is closer to the valuation arrived during the liquidation process,” said a person directly aware of the revival process of the Nagarjuna refinery.

A Haldia Petrochemicals spokesperson said, “We refuse to offer any comment on this and as per management policy, we can’t divulge future business plans.”

The Haldia Petrochemicals offer is said to match the valuation of assets, much lesser from the Rs 1,450 crore arrived at by the insolvency resolution professional earlier.