Home / Knowledge / News / Textiles / Haldia Petro may restart as lenders agree to infuse funds
Haldia Petro may restart as lenders agree to infuse funds
10
Jan '15
West Bengal based and since long ailing, Haldia Petrochemicals Ltd (HPL) is expected to reopen its plant as lenders have agreed to infuse fresh funds into the loss making company.

After Purnendu Chatterjee, chairman of The Chatterjee Group (TCG) agreed to invest Rs 100 crore as margin amount into the ailing plant, banks have reportedly decided to infuse funds, Business Standard reported.

TCG is one of the principal promoters of HPL, along with the West Bengal Industrial Development Corporation (WBIDC).

The main lenders to HPL are Industrial Development Bank of India, State Bank of India, Punjab National Bank, ICICI Bank and Industrial Finance Corporation of India.

According to Business Standard, banks will tread with caution and will lend the total money in tranches.

Operations at Haldia Petrochemicals’ plant have been suspended since July 7 due to a shortage of working capital, though the official reason was a technical snag in the naptha cracker unit.

Earlier on December 15, BS had reported that Competition Commission has cleared Chatterjee Group's proposal to hike its stake in HPL by acquiring shares from West Bengal Industrial Development Corp.

The proposed combination is not likely to have appreciable adverse effect on competition in India, the fair trade watchdog said in its order.

Under the deal, Essex Development Investments (Mauritius) Ltd would acquire 15.4 per cent stake in HPL from West Bengal Industrial Development Corp Ltd.

Essex is part of Chatterjee Group, which through its affiliate/associate companies namely Chatterjee Petrochem (Mauritius) Company, India Trade (Mauritius) Ltd and Winstar India Investment Company Ltd, PCC holds 39.54 per cent stake in HPL.

Post the deal, Chatterjee Group's overall shareholding in HPL would increase to about 55 per cent. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Digital textile printing sector to grow by 20% by 2020

Textiles | On 18th Jun 2018

Digital textile printing sector to grow by 20% by 2020

The digital textile printing sector is expected to have a compound...

Courtesy: Hela Clothing

Apparel/Garments | On 18th Jun 2018

Hela's latest label revolves around underwear, sleepwear

The latest collection of Sri Lanka’s Hela Clothing is revolves mostly ...

Kenya levies higher duties on mitumba import

Apparel/Garments | On 18th Jun 2018

Kenya levies higher duties on mitumba import

Kenya’s treasury secretary Henry Rotich recently raised the duty on...

Interviews View All

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Top executives
Textile & apparel bodies

The mid-term review of FTP is progressive, growth oriented

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Mike Hoffman
Gildan Activewear SRL

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

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


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search