Standoff between Haldia Petrochemicals Ltd and consortium of lenders continues

02-Apr-13

The stand-off between Haldia Petrochemicals Limited and the consortium of lenders continued as the promoters were yet to commit on the margin money as demanded by the latter, as per PTI. “Stand-off between Haldia Petrochemicals Limited (HPL) and the lenders is continuing as the promoters are yet to make any commitment on the margin money sought for a release of Rs 1,000 crore term loan,” a source in HPL said, adding that for the Rs 1000-crore loan sought by HPL, the lenders were insisting on a margin money of Rs 200 crore from both the promoters, WBIDC and TCG of Purnendu Chatterjee. Earlier, state industry minister Partha Chatterjee said that the West Bengal government, promoter of WBIDC, was trying to arrange for Rs 100 crore, while TCG had expressed its inability to provide an equal amount.