Haldia Petrochemicals seeks fresh credit from lenders

KOLKATA: Haldia Petrochemicals Ltd (HPL) today sought fresh credit from the lenders to keep itself afloat at a meeting in Mumbai today.

Neither HPL managing director nor the West Bengal industry secretary could be reached for details of the meeting.

However, it is understood that bankers had laid down fresh terms and condition for new credit.

HPL, which is now under control of the state government, has updated the lenders about their decision to appoint an advisor to find a suitable buyer of its stake.

In the past, Purnendu Chatterjee, another promoter, had offered to infuse capital subject to the condition that he gets the management control.

Huge losses had chocked the financial condition of the petrochemicals major that finds it difficult to carry out normal operations.