Haldia Petrochemicals loses Rs 300 cr due to shutdowns

Haldia Petrochemicals (HPL) lost Rs 300 crore in the last nine months due to frequent shutdowns, a government official said today.

"There had been 11 shutdowns in the last nine months and HPL lost Rs 300 crore," the official said.

He said that the company, which implemented the Supermax project last year, had been having technical difficulties leading to recurring shutdowns.

"There is a need for technical audit of the company," the official added.

The company, with shareholding owned by the West Bengal government, The Chatterjee Group (TCG), Tatas and Indian Oil, would hold its quarterly board meeting tomorrow.

Till 2005, investments made by the West Bengal government were Rs 2,658 crore, out of which Rs 1,000 crore was in the form of incentives, TCG at Rs 689 crore, Tatas at Rs 55.5 crore, Indian Oil at Rs 150 crore and advances by lenders at Rs 2,959 crore.

Meanwhile, Purnendu Chatterjee of TCG met State industries minister Partha Chatterjee, who was recently inducted on the HPL board, and Chief Minister Mamata Banerjee during the day.