Haldia Petrochemicals may restart operations at plant

Haldia Petrochemicals Ltd (HPL) is expected to reopen its plant as lenders have agreed to infuse fresh funds into the loss-making company, according to a Business Standard report.
Banks have reportedly decided to infuse funds after Purnendu Chatterjee, chairman of The Chatterjee Group (TCG), agreed to invest Rs 100 crore as margin amount into the ailing plant. TCG is one of the principal promoters of HPL, along with the West Bengal Industrial Development Corporation (WBIDC).
 
The main lenders to HPL are Industrial Development Bank of India, State Bank of India, Punjab National Bank, ICICI Bank and Industrial Finance Corporation of India. The banks will tread with caution and will lend the total money in tranches.
 
Operations at Haldia Petrochemicals’ plant have been suspended since July 7 due to a shortage of working capital, though the official reason was a technical snag in the naptha cracker unit, added the report.
 
FOR COMPLETE REPORT READ: Haldia Petrochem set to reopen, lenders to infuse funds