The stakeholders of ailing Haldia Petrochemicals Ltd (HPL) will meet next week to take a call on fund infusion, according the West Bengal Commerce and Industry Minister and Chairman of the company, Partha Chatterjee.
Talking to media persons, after the HPL board meet here on Tuesday, the minister said: “All stakeholders are expected to meet on December 24 to take a call on capital infusion. All options are being explored." According to Chatterjee, immediate focus is save the company from turning sick. HPL is currently running at 60 per cent capacity due to working capital crisis. The company has already eroded its net worth.
In 2012, approximately Rs 127 crore debt was converted into equity as per the provisions of 2004 corporate debt restructuring plan. Chatterjee, however, denied that bankers refused to bail out the ailing petrochemical’s project till the ownership issues were settled between the State Government and the co-promoter Purnendu Chatterjee-controlled The Chatterjee Group. Purnendu Chatterjee confirmed discussion on capital infusion in today’s board meeting.