The Indian Oil Corporation's entry into the cash-strapped Haldia Petrochemcials Limited was virtually approved of, with the two main promoters -- West Bengal government and The Chatterjee Group (TCG) -- agreeing to IOC's proposal of management control in the beleaguered company.

Emerging from the meeting with IOC's director (business development) N K Nayyar in Kolkata on Tuesday, state's principal secretary (commerce and industries) Sabyasachi Sen told newspersons that a roadmap for the Fortune 500 company's participation in HPL would be charted out jointly after the approval of corporate debt restructuring by banks and financial institutions.

Asked whether the state government had discussed the oil major's proposal with TCG, which had earlier objected to giving management control to IOC, Sen said that there was no opposition from any of the promoters regarding IOC's entry into HPL.

"We had a preliminary discussion with Purnendu Chatterjee of TCG and he was very positive about it," he said.

To a query, Sen said the CDR was on the verge of being finalised and only a last meeting was due on Monday next, after which the package would be approved by bankers.

After the CDR, Sen said they would sit with IOC to chalk out a roadmap so that it could start work on other projects in the state, which was related with their entry into HPL, including setting up of a Naptha Cracking and Paraxylene plant.