A meeting of Haldia Petrochemicals Ltd (HPL) management with its lenders has failed. This meeting was held with an aim to get Rs.10 bln as working capital for the cash-strapped company, as per IANS. Leader of the consortium of banks- State Bank of India (SBI), stated that banks had their own constraints and limitations to fund the company in the current situation.
HPL, second largest PE maker in the country and the largest petrochemical firm in eastern India, currently has an accumulated loss of more than Rs.1200 bln against a peak net worth of Rs.28.44 bln, while the total debt is around Rs.37 bln.
State Industry Minister Partha Chatterjee, chairman of HPL, pointed out that the plans of getting investors like Mangalore Refinery and Petrochemicals (MRPL), a subsidiary of Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation (IOC) to pick up stakes in HPL, have been shelved. "My primary concern is revival of the company and only after it is achieved, the plans of getting IOC or MRPL will be considered," he added.
04-Jul-12 
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