Haldia Petrochem board clears proposal of preliminary notification to BIFR

25-Nov-13

The board of Haldia Petrochemicals Ltd (HPL) has cleared a proposal for preliminary notification to the Board For Industrial Reconstruction (BIFR). According to Partha Chatterjee, State Commerce and Industry Minister, a preliminary notification will be made to the Board For Industrial Reconstruction following a partial erosion in the networth of HPL. According to him, the board will take all necessary steps to protect HPL from BIFR. Citing legal complications, he did not mention the possible steps that HPL would take to save itself from BIFR. However, he maintained that the company would meet prospective lenders at a later date. According to Purnendu Chatterjee, Chairman, The Chatterjee Group, the networth of Haldia Petrochemicals Ltd has been “fully eroded”.