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May 04, 2015 11:16 PM ET

Capital Markets

Company Overview of The Chatterjee Group

Company Overview

The Chatterjee Group is a principal investment firm specializing in early stage investments. It prefers to invest in the biotechnology, technology, communications, and information technology services. The firm also invests in international infrastructure projects, financial services, real estate, software, health care, and aviation. The firm typically invests in the United States and India. The Chatterjee Group was founded in 1986 by Dr. Purnendu Chatterjee and is based in New York, New York City with an additional offfice in India..

888 Seventh Avenue

Suite 3400

New York, NY 10106-3099

United States

Founded in 1986





Key Executives for The Chatterjee Group

Chief Executive Officer and President
Founder and Chairman
Age: 64
Compensation as of Fiscal Year 2014.

The Chatterjee Group Key Developments

IOC Plans Exit From HPL Stake Sale

Indian Oil Corporation Limited (BSE:530965) has asked the state government to refund the earnest money it paid during the bidding process of Haldia Petrochemicals Limited (HPL). Indian Oil emerged as the sole bidder in October 2013 for about 40% stake owned by the state government, including the shares that have also been claimed by co-promoter Purnendu Chatterjee's The Chatterjee Group (TCG). Indian Oil holds 8.9% in HPL and paid some INR 200 million as bid earnest money. The state government put on the block 675 million shares, making up 40% equity. TCG has staked claim to 155 million shares out of this block.The government's stake would come down to 31% without this block. A division bench of Calcutta High Court has ordered that the government would have to seek its permission before transferring this chunk. TCG has 41% in HPL and also has the right of first refusal. While the timeline for matching IOC's offer of nearly INR 22 billion has ended, recent developments on the legal front forced a rethink. The IOC board had given its nod for bidding on the condition that there should be no liability on it due to the legal wrangle between the state government and TCG. IOC emerged as the sole bidder since others in the race - Reliance Industries Limited (BSE:500325); Mangalore Refinery and Petrochemicals Limited (BSE:500109); Oil and Natural Gas Corp. Ltd. (BSE:500312); GAIL (India) Limited (BSE:532155); Vedanta Resources plc (LSE:VED); Oil India Limited (BSE:533106) withdrew due to reservations over the state government's handling of the bidding process and pricing method. Executives of Reliance Industries were present on the bidding day but did not make any offer. West Bengal Industrial Development Corp has 272 million preference shares. HPL's management control would go to the company that acquires the 155 million shares on offer. TCG has the option of launching international arbitration that would be time consuming.

Indian Oil Corporation Emerges As Sole Bidder For Haldia Petrochemicals

Indian Oil Corporation Limited (BSE:530965) emerged as the sole bidder in the auction for 31% stake in Haldia Petrochemicals Limited. The absence of Reliance Industries Limited (BSE:500325) during the bidding of Haldia caused confusion in the state of West Bengal. With Reliance Industries' absence, Indian Oil had emerged as the sole bidder for the deal while The Chatterjee Group has declined the offer. Results of the bidding has not yet been disclosed as it will take 7-8 days to finalized.

Update On Haldia Petrochemicals Sale

The Chatterjee Group is yet to make an offer for 39.9% stake acquistion in Haldia Petrochemicals Limited from Bengal Government. The deadline for the offer is November 18, 2013. If Chatterjee Group fails to match the offer of INR 25.10 per share offered by Indian Oil Corporation Limited (BSE:530965), the latter will pick up the state's share, effectively wresting control of the company.

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