New Delhi: Reliance Industries Ltd said on February 15 it will bid for acquiring government's 34 per cent stake in state-run refiner Hindustan Petroleum Corporation Ltd.

"We will bid (for HPCL)," RIL chairman Mukesh Ambani said.

RIL is seen as the frontrunner, along with Royal Dutch Shell, Kuwait Petroleum Corporation (KPC) and Petronas of Malaysia, for taking over the country's second- largest oil public sector undertaking (PSU).

If successful, HPCL's 13 million tonne refining capacity and over 4,500 retail outlets would add to RIL's 27 million tonne Jamnagar refinery and the proposed 5,849 petrol station.

Government is bringing down its stake in HPCL from the current 51.02 per cent to 12 per cent by divesting 34 per cent to a strategic partner and another five per cent to employees.

Ambani did not see any deterrance in the indefinite strike notice served by HPCL employees against its privatisation.

"I don't see any problem. Ultimately, it all depends on the attitude of strategic partner. Our acquisition of Indian Petrochemical Corporation Ltd (IPCL) is an example," he said while disagreeing with the suggestion that the strike threat by HPCL staff union would deter bidders.

HPCL employees have threatened to go on indefinite strike from the day government invites price bids for sale of its stake in the oil PSU.

"IPCL has integrated well (with RIL). If issues and concerns are addressed properly, I am sure such things (strikes) will not happen. After all, employees are part of the company and will remain so," Ambani said.

PTI