The ongoing process of debt and equity restructuring of Haldia Petrochemical (HPL) is expected to take a final shape tomorrow with financial institutions (FIs) and existing promoters agreeing on the structure of the package.
The discussions have reached critical stage with hectic parleys between FIs, promoters and Indian Oil Corporation (IOC).
The latter has resurfaced as the front-runner for strategic partner in the company. The final proposal would envisage in-principle clearance from all these constituents, particularly FIs which have backed the entry of IOC.
Incidentally, IOC has its board meeting on Wednesday and participation in HPL is likely to be discussed there if a consensus emerges from tomorrow