M&A

M&A

Haldia Petro to acquire Coastal Oil & Gas Infra under bankruptcy route

Economic Times  

A bankruptcy court order has approved Haldia Petrochemicals' proposal to acquire Coastal Oil & Gas Infrastructure Pvt Ltd at just INR 1 crore above the liquidation value. The Purnendu Chatterjee-promoted Haldia Petrochemicals' proposal is just 3% of the admitted claims of Coastal Oil. The resolution professional of unlisted Coastal Oil had admitted INR 1,245 crore of claims, which included INR 1,198 crore from financial creditors and the balance from trade creditors and employees. Coastal Oil is a special purpose company set up by Abir Infrastructure Pvt Ltd to construct, operate and maintain a crude oil terminal on Nagarjuna Oil Corp Ltd's refinery premises. In October last year, the parent company, Abir Infrastructure, which too was going insolvency proceedings was sold to Srei Multiple Assets Investment Trust for INR 11.1 crore, much below the liquidation value of INR 37.25 crore.