TCG ready to approach lenders to raise working capital limit of Haldia Petrochemicals

06-Sep-12

The Chatterjee Group (TCG), co-promoter of Haldia Petrochemicals, is ready to approach lenders along with the state government for raising the working capital limit of the beleaguered petrochem firm, as per Economic Times. TCG chief Purnendu Chatterjee called on state commerce and industries minister and HPL chairman Partha Chatterjee. Sources said lenders have indicated that both the main promoters of HPL should approach them together for extending the credit line to the firm. HPL had sought an additional Rs 1,000 crore credit line for working capital. Main lenders of HPL are IFCI, IDBI Bank, ICICI Bank, PNB, SBI, Allahabad Bank and Union Bank of India. After the meeting, Chatterjee said it has approached the co-promoter about latest development on lenders front, naptha procurement and functioning of the company. "We have also discussed about the next annual general meeting (AGM) date. It should be in last week of September," he added. HPL has yet to hold AGM for 2011-12. HPL hold annual general meetings (AGM) for seven consecutive years (up to 2010-11) along with EGM for adoption of annual accounts and appointments of managing director Sumantra Chowdhury, chairman Partha Chatterjee and independent director Jamshyd Godrej in August.According to HPL industry minister HPL has recorded cash profit in July and August after consecutive losses in first three months of this fiscal. When contacted, Purnendu said, "We have to ensure that the company is revived and we are keen on seeing it doing well.