Likely to appoint a consultant soon
Kolkata, Nov. 24
Notwithstanding its ongoing tussle with the West Bengal Government at the Company Law Board, Haldia Petrochemicals Ltd (HPL) is moving ahead with its plan to set up the second naphtha cracker unit by 2012.
Talking to newspersons on the sidelines of Indplas '06 here on Friday, Mr Swapan Bhowmik, Managing Director of HPL, said the company had started working for commissioning of a detailed feasibility study for the proposed second plant. The company may also appoint a consultant for the same shortly.
"According to available studies, the present boom in petrochemicals industry is likely to continue till early 2009. We would like to commission the second plant at the beginning of the next up-cycle envisaged in 2012," Mr Bhowmik said.
As part of the expansion plan, HPL is also planning to set up a 90-MW captive coal-fired power plant.
At present, HPL meets its power requirement from HPL Cogeneration Ltd (HPLCL). The latter is 49:51 joint venture between HPL and L&T and uses naphtha as feedstock.
"We will be able to save nearly Rs 150 crore per annum if we use coal instead of naphtha," Mr Bhowmik said. He, however, did not clarify the fate of the joint venture.
Meanwhile, the company has undertaken a Rs 800-crore revamp plan to increase the capacity of its ethylene plant from 520 tonnes per annum (tpa) to 670 tpa. Initiated in the last fiscal, the project will be commissioned by March 2008.