Haldia Petrochemicals' networth erodes by 50 per cent

After suffering a string of losses, the networth of Haldia Petrochemicals (HPL) has eroded by 50 per cent.

After a board meeting and EGM of HPL on Friday, chairman of the company and state Industry Minister Partha Chatterjee said every step would be taken to prevent the company from going to the Board for Industrial and Financial Reconstruction (BIFR).

All the stakeholders had been informed at the EGM about the state of the company, he said.

Chatterjee also said the company might again approach the lenders for infusion of funds and added that other efforts would also be made. He, however, declined to divulge further.

The HPL board on Friday approved the appointment of UK Basu, former MD of MRPL, as the managing director of the company till March 2014. Chatterjee said that Basu had been asked to draw a roadmap for the company for a period of five years and a financial budget till next March.

About WBIDC's stake sale in HPL to Indian Oil Corporation, the minister said that the matter was sub-judice.