HPL plans value-added products

HALDIA: Haldia Petrochemicals (HPL), which is mired in legal wrangles, will finalise its mega expansion plans by the end of 2007. The company plans to start production of new value-added products, which will generate better revenues in the coming years. At a press conference here on Monday, HPL MD Swapan Bhowmik said: “We are working on several business models. We will choose one of them and table it before the board for approval.”

The announcement comes on the day when HPL, the state’s show-case project, completes seven years of operations. Expansion plans have been welcomed by all shareholders, even though the legal battle continues over management control among the two principal promoters — The Chatterjee Group and the state.

“Even though there may be difference in opinion among shareholders, all of them sincerely want the business of HPL to expand and improve. Therefore, we do not foresee any problem in implementing our expansion plans,” said Mr Bhowmik.

Raising funds for new plants would not pose a problem, according to Mr Bhowmik. The company, which was under severe financial strain in 2002-03, has turned around and is expected to post a Rs 8,300-crore gross sales and a PAT of Rs 584 crore in 2006-07.