Haldia Petrochemicals (HPL) has sought a loan of Rs 100 crore from the state government, as per Economic Times. The group of ministers has approved it. The West Bengal Industry Development Corporation, the state-owned nodal agency, is co-promoter of the ailing petrochemical major. The state government loan would be offered to WBIDC which in turn would pump it in HPL. It was not clear whether the infusion would be as working capital loan or as equity.
The company is suffering from huge working capital shortage and had defaulted in repayment of loans.