Financial institutions led by the Industrial Development Bank of India today took stock of the situation at Haldia Petrochemicals (HPL) which is reeling under mounting debt.
Jawahar Sarcar, secretary commerce and industries, government of West Bengal and Swapan Bhattacharya, director, The Chatterjee Group (TCG) met IDBI chairman P P Vora.
According to institutional sources, if things do not change for the better at HPL, the institutions will be forced to resort to a financial restructuring of the company and convert institutional debt into equity. HPL has a debt of $960 million which has been a major concern with the institutions.
IDBI chairman Vora said he met the company officials but refused to divulge what was discussed at the meeting.
