State Bank of India accorded a board position Haldia Petrochemicals

26-Feb-13

State Bank of India, one of the lenders to Haldia Petrochemicals Ltd, has been accorded a board position in the company. The consortium of banks demanded margin money of 20% from both the promoters for availing of Rs 1,000 crore sought for HPL's revival. Purnendu Chatterjee of TCG is reported to have expressed its inability in providing Rs 100 crore as margin money. The other promoter WBIDC ( West Bengal Industrial Development Corporation) was agreeable to the idea but sought cooperation from the West Bengal government.