Haldia Petrochemicals agrees to resolve ownership dispute

The board of Haldia Petrochemicals (HPL) today unanimously agreed to resolve the long- standing ownership issue in the interest of the company.

"On the ownership issue, the board expressed unanimously the need to secure a speedy resolution of the dispute in a transparent manner," a company spokesman said.

The board meeting held today was attended by four representatives of TCG led by Purnendu Chatterjee, three West Bengal government nominees, independent director Jamshyd Godrej, managing director Partha Bhattacharya and five nominees of the lenders.

The spokesman said that the board had also approved raising of resources to the extent of Rs 200 crore for implementation of Butane-I extraction plant which would result in an increased profitability of Rs 80 crore annually.

The board also expressed the need to focus on the issue to raise capacity utilisation from 88% at present to 100%, the spokesman said.