Haldia Petrochemicals Ltd (HPL) plans to double production capacity with a second unit. A concept note, presented before the board last week, has been drawn by the company. The board would formally discuss the project at its next meeting for the second unit that will have a one million ton capacity at an investment outlay of Rs 4,000-5,000 crore. Like the first unit, the second one too will be naphtha-based.
This is an interesting development at a time when the promoters, The Chatterjee Group and the Bengal government, are fighting over the control of HPL in the Company Law Board. HPL started its commercial operations in August 2001 and suffered huge losses due to a high debt burden, pulling out of the red after a thorough debt restructuring in 2004-05. Last fiscal, it clocked a gross turnover of Rs 6,930 crore.
04-Oct-06 
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