Haldia Petrochemicals Ltd (HPL) seems to have missed the bus for the global petrochemical upswing due to delays in its expansion plans- this has been alleged by its principal promoter Purnendu Chatterjee, holding a 59% stake in HPL. The project had been originally designed to ramp up HPL’s capacity from 5.2 lakh tpa to 6.7 lakh tpa of ethylene. Expansion has been delayed by infighting and could cost it Rs 1,000 crore in lost revenues. Chaterjee is believed to have demanded an independent study to assess the impact of the delay. Chatterjee, who is in litigation with the West Bengal Government that holds 36.88% in HPL. The litigation is on in the Calcutta High Court over a ruling by the Company Law Board. HPL has planned a shutdown in February-March 2008, but it seems that originally this shutdown had been planned to coincide with the capacity hike.
19-Apr-07 
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