The Hindu Business Line : Haldia Petro in talks with PSU oil co to sell motor spirit

PRODUCTION of motor spirit is fast emerging as a leveraging tool for Haldia Petrochemicals Ltd (HPL), which is seeking to export it to China and a few other countries. The company is also in talks with a public-sector oil company for selling the product.

HPL, which is firming up plans for its IPO, is further charting an investment plan - requiring an investment of a few hundred crores of rupees - for scaling up capacity. The idea is to secure a bigger size, courtesy an expansion project that should be wrapped up by October next year.

Mr Purnendu Chatterjee, one of the promoters of HPL, maintained that the company has fulfilled its commitments, while it has progressed well in terms of capacity utilisation. HPL is also on its way to expanding its capital base. The company, incidentally, has met its corporate debt restructuring obligation, partly by raising resources internally. The company expects to close the current fiscal with higher gross revenues compared to last year.

Details of the proposed IPO, including the price of the shares, are yet to be made public. What is known, however, is that the company will raise capital through the book-building route, and that leading investment bankers have shown interest in the mandate.

Already, names like Kotak Mahindra are doing the rounds. The IPO is being seen by the capital market as a key part of the company's growth plans. No final decision has been taken on the time of the offer.

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