Lenders of Haldia Petrochemicals mull release of Rs 400 crores

Lenders of Haldia Petrochemicals Ltd (HPL) are mulling release of Rs 400 crore after West Bengal Industrial Development Corporation (WBIDC) gave an in-principle approval to extend a term loan of Rs 100 crore to HPL. SBI, IDBI Bank and PNB are the lead bankers. After a brief board meeting, HPL chairman Partha Chatterjee said, “In a speedy move, they are going to have a meeting on May 25 for releasing Rs 400 crore at the moment. They will take into consideration the CDR options and take a final call.” Once the state government exits HPL, its stake acquirer will have to repay the Rs 100 crore loan to WBIDC, which in turn will be paid back to the state government.
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