The Telegraph
Since 1st March, 1999
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Crucial meet on HPL today

Caclutta, June 10: On the eve of a crucial meeting in New Delhi on Haldia Petrochemicals Ltd, two top-level officials of the Tata group — H. Sethna and C. Ramakrishnan — met West Bengal industry secretary Sabyasachi Sen to discuss the future of the trouble-torn company.

Though Sen was tight-lipped on what was discussed, he admitted that Haldia Petrochem did figure during the talks with the Tata officials. Incidentally, Sethna is on the board of Haldia Petrochem.

According to Sen, fresh equity infusion and debt restructuring are the two crucial issues that have to be addressed to turn around the company. “We need a new strategic investor who will bring in fresh equity,” he added.

Tomorrow’s meeting will be held at the North Block where representatives of the three promoters — Tatas, TCG and the West Bengal government — will discuss the debt restructuring of the company. HPL chairman Tarun Das and representatives from the Industrial Development Bank of India (IDBI) will also be present at the meeting.

The debt restrucutring of HPL is hanging fire for quite sometime now. The Rs 5170-crore project is nsaddled with a debt burden of Rs 4200 crore.

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