Haldia Petrochemicals Ltd offers idle capacity to raise funds

To improve cash flow, Haldia Petrochemicals Ltd (HPL) has floated an expression of interest for companies keen to utilise its idle capacity, as per Economic Times. Offer of idle capacity of HPL which would be done through tendering process. This move will ensure that no particular company was favoured. HPL has not been able to utilise its capacity due to cash crunch in working capital and IOC, the lead firm to supply naptha, has cut the credit period. HPL had suffered a cash loss of Rs 400 crore in 2010-11. The cash loss in the Q1 of 2012-13 was Rs 260 crore due to frequent shutdowns of the plant.