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Our Bureau

Kolkata , Aug. 2

DR Purnendu Chatterjee of The Chatterjee Group (TCG) has arranged for the infusion of the necessary Rs 143-crore of fresh equity into Haldia Petrochemicals Ltd (HPL) within the scheduled deadline of July 31, 2004.

With this capital infusion the CDR package (corporate debt restructuring) of HPL actually takes off. Now the company can enjoy the benefits of capital restructuring as agreed upon by the lenders and the promoters in the CDR package with retrospective effect from April 1, 2003.

A senior official of the company confirmed this development and added that fresh equity shares of Rs 10 each are being issued. Though final calculations are yet to be worked out, TCG and its associate companies now hold the maximum equity stake in HPL.

The CDR cell had asked the principal promoter of Haldia Petrochemicals, namely, TCG, to bring in fresh funds by July 31 to avail itself of the benefits of capital debt restructuring.

More Stories on : Restructuring | Petrochemicals

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