Business Daily from THE HINDU group of publications
Thursday, Sep 13, 2007
ePaper
Business Daily from THE HINDU group of publications Thursday, Sep 13, 2007 ePaper |
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Corporate
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People Haldia Petro inducts IFCI nominee on board Our Bureau Kolkata, Sept. 12 The board of directors of Haldia Petrochemicals today appointed an IFCI nominee on the board. On Tuesday, The Chatterjee Group (TCG) had made a verbal plea before the High Court for preventing the HPL board from appointing the IFCI nominee at its scheduled meeting in New Delhi on September 12. The HC asked TCG to file an application if they wanted to pursue the matter. “The board today transacted its business normally,” a company official said. Mr Atul K Rai was appointed as an IFCI nominee and Mr M.V. Rao replaced Mr Debasis Som and State Government nominee. Proposed expansionOn the proposed capacity expansion of HPL, sources said that the board has taken note of the project review committee and other decision making bodies in the company. HPL is planning major capacity expansion by setting up the second greenfield naptha cracker unit. HPL is implementing a Rs 800-crore revamp plan to increase the capacity of its ethylene plant from 520 tonne per annum to 670 tonne per annum. The project will be commissioned by March 2008. Outstanding paymentThe board has also reviewed issues related to TCG’s outstanding payment of Rs 6 crore to HPL and asked for further details to be discussed at the next board meet. “The board has asked for two working committee reports on the issue and other historical details. The issue may come up at the next board meet,” the official said. More Stories on : People | Petrochemicals | Courts/Legal Issues
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