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Financially troubled Haldia Petrochemicals Ltd (HPL) is pinning hopes on West Bengal Government’s disinvestment move in the company for fresh infusion of funds.
“We are hoping that the entity, which would buy out Government’s shares in HPL, will make a turnaround plan for the company with fresh infusion of capital,” a senior HPL official told PTI.
At the end of March 31, 2013, the company’s networth had been eroded by more than 50 per cent making it potentially sick and had been referred to the Board for Industrial and Financial Reconstruction.
Asked about the disinvestment process, the official said that it was “very much on’’.
The West Bengal government had appointed consultancy firm Deloitte for valuation of the shares which would then be auctioned.
State Industry Minister Partha Chatterjee had said that the other promoter Purnendu Chatterjee of TCG would be given the first right of refusal, or else the shares would then be offered to the highest bidder.
The company had also approached banks for working capital which was not forthcoming.
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