Tata, Jamshyd Godrej to rejoin Haldia board

Tata group chairman Ratan Tata and Jamshyd Godrej, chairman managing director of are going to re-join the board of Haldia Petrochemicals Ltd (HPL) before the company goes for initial public offer later this year. Tarun Das, chairman of HPL said both of them have given their confirmation on this issue. "Tata and Godrej would join the board once the corporate debt restructuring (CDR) package is effected," Das told media after company's board meeting in Kolkata on Wednesday.

The chairman informed the package would be effected once The Chatterjee Group (TCG), one of the key promoters of HPL, arranges Rs 143 crore as fresh equity in the company by July 31.

Das also indicated that chief mentor of Infosys Narayana Murthy may also join the board. "I have his name in mind. I will initiate a dialogue with Murthy after the financial institutions formally inform us that CDR has been effected," he noted.

He pointed out that HPL board would be expanded with induction of independent members. At present, there are sixteen members. While Tata would come as the nominee of promoter group, Godrej would join as an independent director.

The development gains significance for the fact that Tata Sons had always maintained that it would like to pare its exposure in the company as petrochemical sector did not fit into their business portfolio.