HPL board works out recast plan

Our Corporate Bureau

Kolkata, Aug 31: Haldia Petrochemicals Ltd (HPL) is preparing a restructuring package that has the backing of the three equity partners in the Rs 5,170-crore project, according to managing director R Saldanha.

Mr Saldanha, talking to The Financial Express after HPL’s board meeting on Friday, said the equity partners — West Bengal Industrial Development Corp, The Chatterjee Group and the Tatas — have been able to solve all problems. “Today’s board meeting was extremely fruitful,” he said. HPL, which has begun commercial production, is saddled with a high debt-to-equity ratio, since it has never been able to make a planned public issue.