TCG Group, one of the promoters of ailing Haldia Petrochemicals Limited (HPL), has sought extension of deadline for payment of first tranche for buying out West Bengal government's shares in HPL.
"At today's Board meeting, Purnendu Chatterjee of TCG has sought extension of the deadline of payment of first tranche of West Bengal government's shares in HPL. The deadline expired on December 31, 2014," a source close to the development told PTI.
The source said TCG has sought an amendment to the share purchase agreement with WBIDC, the custodian of West Bengal government's shares.
As per the agreement, TCG would have to pay Rs 673 crore to WBIDC in the first instalment, following which its shareholding in HPL would cross 51 per cent.
The source said both the promoters are in closing stages of extending the deadline.
On reopening of the plant, closed since July 2014, the source said that discussions were held on the matter but no firm date could be decided upon.
Although the lenders were ready to pump in more funds for reopening of the plant, they were asking for margin money from TCG, which is yet to materialise.
The source said reopening of the plant at this juncture would have boosted HPL's fortunes as the import prices of key input, naphtha, declined by more than 50 per cent from USD 1,000 per tonnes to USD 450 per tonne.
