Home / Knowledge / News / Textiles / Haldia Petrochem seeks Rs 1bn loan from West Bengal govt
Haldia Petrochem seeks Rs 1bn loan from West Bengal govt
Apr '13
Financially troubled petrochemical major Haldia Petrochemicals (HPL) has applied for Rs. 1 billion loan from the West Bengal state government, Business Line reported quoting PTI.
Speaking on the sidelines of his meeting with Japanese Ambassador Takeshi Yagi, HPL Chairman and Industry Minister Parth Chatterjee said the proposal to extend Rs. 1 billion assistance to HPL has been approved by the Group of Ministers, who have assured to take the matter further when Finance Minister Amit Mitra resumes charge.
The company, having the state-run nodal agency - The West Bengal Industry Development Corporation (WBIDC) - as its co-promoter, is enduring substantial shortage of working capital and has defaulted in loan repayments.
At present, lenders are not willing to extend any further funds to the ailing firm, until there is new equity infusion by promoters.
Once approved, the loan would be extended to HPL through WBIDC.
Meanwhile, Delloite, which has been hired as a transaction adviser, is yet to submit its report regarding disinvestment in the firm as sought by the state government.

Fibre2fashion News Desk - India

Must ReadView All

Union textiles minister Smriti Irani addressing at the Texprocil Annual Export Awards. Courtesy: PIB

Textiles | On 22nd Oct 2016

Govt to extend special package to home textiles segment

The Central government is likely to extend the recently approved Rs...

Reebok Liquid Speed Grey. Courtesy: Business Wire

Apparel/Garments | On 22nd Oct 2016

Reebok’s Liquid Factory brings sneaker creation to US

Reebok, a pioneer in the sporting goods industry, has brought sneaker ...

Courtesy: GHCL

Textiles | On 22nd Oct 2016

GHCL to invest Rs 67.25 crore in textile division

Chemicals and textiles firm GHCL will invest Rs 67.25 crore in its...

Interviews View All

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Abhimanyu Singh Rathore & Barbara Anna Kosiorek

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Eric Scholler

The Indian market has huge potential in technical textiles, and by far,...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Advanced Search