HPL promoters should find a solution to dispute: Jamshyd N Godrej

KOLKATA: Haldia Petrochemicals (HPL) needs to find a solution to the ongoing shareholding dispute among its promoters as the performance of the company is linked to it, Godrej & Boyce Chairman and an independent director in the HPL board Jamshyd N Godrej said here today.

"The company can perform and go ahead only if the promoters find a solution to the ongoing dispute over the majority shareholding of the company," Godrej said on the sidelines of IIM Calcutta golden jubilee celebrations.

The Chatterjee Group ( TCG) and the West Bengal government are trying to sort out the dispute over the majority shareholding of HPL.

Asked about his opinion over the issue and the way-out for the company which was reeling under a financial crisis, Godrej said, "I think the problem has been the quarrel between the promoters."

"HPL has to get over that and it's the only way the company can go ahead. The local administration has to cooperate with the management in maintaining the law and order situation in the region," he said.

Godrej added that the firm is giving priority to its petrochemical equipment supply business by introducing more equipment and by spreading its markets outside India.

Godrej Process Equipment manufactures supplies process equipment for end-users in core industry segments like refineries, petrochemicals, fertilisers, oil and gas, chemicals, pharmaceuticals and power.