In coal industry circles, there is a saying: “If you are in trouble, dial Partha!” Maybe that’s what Haldia Petrochemicals (HPL) did when it roped in Partha Bhattacharyya – the turnaround man of Coal India Ltd (CIL) – as managing director.
Within a month of taking charge as the MD of loss-making HPL, the coal man has started working on a roadmap to revive the company. “For me, the diagnostic phase in HPL is getting over, now it’s time to act. We are working on a plan of action for the firm till 2017. If it works out, we expect the company to turn around in three years and would be able to pay its first dividend by 2015,” an optimistic Bhattacharyya said.
But it may not be an easy job for him here. The company is reported to have a debt of around Rs 2,500 crore. “Proper value addition is needed in terms of improving market and technology. We also need policy support from the state and central governments,” he added. HPL has other issues as well, for instance, the dispute over ownership between the state and The Chatterjee Group, which is being fought in court.
Bhattacharyya —nick named “man of numbers” by CIL colleagues — had joined CIL as a management trainee in 1977 and since then worked in several posts in its subsidiaries.
Before taking charge of CIL as its chairman and managing director in 2006, he was instrumental in the turnaround of BCCL, one of its loss-making subsidiaries. For his achievements as CMD of BCCL, Bhattacharyya was bestowed with the “Chief Executive of the Year 2005” award by the Indian Institute of Materials Management, Pune.
For loss-making CIL, too, he was a blessing as he almost transformed the company into a Maharatna before retiring. Moreover, the firm’s dream debut in stocks with the country’s biggest initial public offer is considered to be another feather in his cap.
Now, the coal man is gearing up to script yet another turnaround story with HPL.