HPL's networth to be protected: Partha Chatterjee

Says company's networth has eroded but it has not turned negative

West Bengal Industry minister and chairman of financially troubled Haldia Petrochemicals Ltd (HPL) Partha Chatterjee today said the networth of the company would be protected ahead of the sale of government's stake.

"The networth of HPL will be saved. The company's networth has eroded and it has become potentially sick. But, it has not turned negative," Chatterjee told reporters here after the company's AGM here.

When pointed out that the other promoter Purnendu Chatterjee was saying that the net worth of the company stood negative at Rs 500 crore, he said that it was a deliberate ploy to pull down the bid price.

"PC (Purnendu Chatterjee) is saying this so that the bid price does not becomes high," Chatterjee said.

The government through WBIDC had committed Rs 100 crore as emergency funding to the company. "So far we have given Rs  25 crore. We will give more," he said. He said that financial bidding would be completed before the Pujas.