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In anticipation of a possible resolve of the legal tangle over ownership, the board of directors of Haldia Petrochemicals Ltd (HPL) on Tuesday granted in-principle approval to a Rs 200-crore butyne1 separation project. The company, however, cannot bank-finance till the legal tangle is resolved.
According to sources, as a preparatory move, the company would asses the viability of the project, expected to leave a positive impact on the bottom line. Initial estimates suggest that at current market prices, the investment can be recovered in two-and-a-half years.
In addition, the board also decided to introduce the “conduct, discipline & appeal rules” covering all the employees. The rule is expected to introduce professionalism, enforce discipline and check corruption.
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