Haldia Petrochemicals promoters to approach lenders for working capital

KOLKATA: Beleaguered Haldia Petrochemicals Limited (HPL) would again approach lenders to tide over the serious working capital crisis for which the company had to cut down production by 50 per cent, chairman of the company and West Bengal industry minister Partha Chatterjee said.

"We will again talk to the lenders like SBI and IDBI for funds to meet working capital needs. I hope something will be worked out," Chatterjee told reporters after the company's AGM here today.

Managing director of HPL Sumantra Chowdhury said that the company has a stock of 28 kilo tonne (KT) of polymer products for around Rs 250 crore which was blocked causing serious working capital crisis.

"Around 15 KT stock is tolerable for any company. The market is down now and we hope to sell in the coming months," he said.

The company needed to pay Rs 133 crore immediately towards payments of principal for loans taken and insurance premium.

The HPL board approved the financial accounts of the company for 2011-12.

CAG has given no comments on the finance and accounts of the company.