Haldia Petro commences production

By Our Special Correspondent

KOLKATA, AUG. 1. Haldia Petrochemicals (HPL) has commenced commercial production with effect from today, following the successful operation of the entire complex and establishment of several industry benchmarks, according to a company release.

The Rs. 5,170 crore greenfield project, symbolising West Bengal's industrial resurgence, was dedicated by the then Chief Minister, Mr. Jyoti Basu, on April 2, 2000.

The achievements recorded over ten months (the plant stabilised its production in September 2000) gives HPL the confidence to face the challenges ahead, the release said. The global oversupply position in polymers, the consequent squeeze on margins for producers, the high debt burden of the company and difficult liquidity position are real issues which are being addressed by the management.

HPL has an all India market share of 22 per cent while its eastern region share exceeds 60 per cent. It may be mentioned here that the inability of the company to tap the capital market to raise equity has put it in a tight financial corner.

Send this article to Friends by E-Mail

Section  : Business
Previous : Lead change process personally - Irani
Next     : Wipro's innovative approach to R&D