HPL to save Rs 350 cr on Naphtha duty waiver

Haldia Petrochemicals (HPL) would save around Rs 350 crore annually following waiver of the import duty of 5% on naphtha by the Centre recently, managing director of the company Partha Bhattacharya said.

"The import duty on naphtha has been waived by the Centre by a notification issued on July one", Bhattacharya told PTI.

Following the waiver, HPL would save Rs 350 crore every year, he said.

Bhattacharya said that the company was importing and buying it domestically from Indian Oil amounting to Rs 7,000 crore per annum.

Now Indian Oil would also lower its price of naphtha, he said.

However in spite of the duty waiver, HPL was staring at a loss of Rs 1,000 crore for the current fiscal, Bhattacharya said.

In the first quarter, HPL's loss stood at Rs 247 crore.