Bengal Govt Hires Audit Firm To Value Haldia Exposure
The West Bengal government has appointed LB Jha & Co, a city based audit and consultancy firm, to evaluate its exposure in the Haldia Petrochemicals Ltd project. The consultancy firm would advise the government on its future course of action at a time when the Rs 5170 crore company is at crossroads with one of the three promoters, Tata Sons Ltd (TSL), seeking to sell off its 14 per cent stake, sources close to the development said.
L B Jha & Co is a high profile firm in the state with its senior partner, Dipankar Chatterjee, currently serving as the vice chairman for the eastern regional chapter of Confederation of Indian Industry (CII). No confirmation was available from Chatterjee as he was travelling outside the country.
The consultant firm is also expected to suggest possible options for restructuring HPL's financial situation. The company is reeling under a debt burden of Rs 4,000 crore.
Sources said the government could not be expected to take a decision on restructuring of HPL without the advice of an external agency to back it up. This was also in keeping with global practices, where such decisions are backed by a specialist