The plan will be submitted to the ministry of shipping (MoS) shortly. The company would seek waiver of its accumulated debt of around Rs 230 crore. It would also seek support to pay off some minor dues it owes its creditors.
Of the Rs 230 crore owed by HDPEL to the government, Rs 90 crore was the principal amount and Rs 140 crore unpaid interest. HDPEL would like the entire debt to be written off so that it could clean up its balance-sheet.
HDPEL sources said the proposed Sagarmala project was expected to provide orders and improve its order book position. It could deliver vessels and related items like pontoon, crane and dry docks required in inland waterways.
The government intended to invest around Rs 100,00 crore for development of maritime trade and inland water traffic movement would be a key component in the plan. HDPEL could build, operate and maintain vessels of Inland Waterways Authority of India (IWAI), sources said. It could manufacture dredging ships which were of critical importance for maintaining inland waterways.
HDPEL was dependent on government orders at present for its sustenance but over the years orders had declined. To get more orders, sources said the company planned to pursue buyers overseas, starting with markets like Bangladesh which used small passenger ships in large numbers.
