The products - medical imaging films, high contrast industrial radiographic film and liquid chemistry - have successfully undergone field evaluation in Coimbatore and Chennai. The medical imaging films are green sensitive medical X-ray film, medical imaging film, mass miniature radiographic film and mammographic film.

According to HPF chairman-cum-managing director, Chaitanya Prakash, the new products would provide HPF the much-needed edge to complete with MNCs in the field. ``We can give our customers options to choose from. Around the world blue sensitive films are being replaced by green. With the development of the new products our existing market share would be protected,'' he said.

The domestic medical X-ray market is put at around Rs 200 crore. The speciality films are estimatedto grow at an annual rate of 25-30 per cent compared to seven per cent growth of the standard films. Most of the MNCs sell the product as a package. According to a senior executive of HPF, the current Indian market for medical X-ray films would undergo a change with the blue ones being replaced by the green films.

However, the beleaguered HPF would be manufacturing the products only against firm orders due to non-availability of working capital. ``The new products were developed mainly to show the R&D strengths of HPF and to provide the customers in the private sector a package to choose from,'' said the senior official.

The six products would also be marketed by Phil Corporation, with which HPF had entered into a strategic marketing alliance in September 1998 to market all HPF products in the private sector, under the brand name `InduPhil'.' Only the products marketed by HPF for state-run sectors would bear the `Indu' brand name.

The liquidity crunch at HPF is a constraint for the aggressive marketingof the new products though they are well accepted, Prakash said. The company based here managed to make a re-entry into the market during September 1997.

However, the capacity utilisation of HPF still hovers around a low six per cent due to lack of funds. Attempts to access more funds and carry out a restructuring exercise in the past remained futile. The BIFR-referred unit is now eagerly awaiting submission of a revival package by Pricewaterhouse Coopers. The consultants are also to identify joint venture partners for HPF.

Pricewaterhouse Cooper, which was expected to complete its report December last, is likely to present the revival package in two months. ``Colour products have a big market and we need technology for the same requiring us to opt for a tie-up. We are trying to get an MNC interested in us,'' said Prakash. Sources claimed that delay in submission of the report is due to non-identification of suitable joint venture partners.

Meanwhile, HPF is likely to end the 1998-99 fiscal with a netloss of Rs 243 crore (Rs 176.28) on a turnover of Rs 35.20 crore (Rs 34.51 crore). The accumulated losses would thus go up to around Rs 800 crore. However, the company claims to have brought down the operating loss by 10 per cent to Rs 24.14 crore.

HPF board is scheduled to meet on April 21 to consider the fourth quarter result.