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FIs ready to restructure Haldia Petro loan

The consortium of financial institutions has agreed to restructure the loan extended to mega project, Haldia Petrochemicals Limited, West Bengal finance minister Asim Dasgupta said.

Briefing reporters in Calcutta, Dasgupta said that top-level functionaries of IDBI, ICICI, IFCI and State Bank of India, met him to discuss the issue and agreed to restructure the loan burden within a period of two months.

Representatives of the Tata group and Chatterjee group were also present at the meeting.

As an interim relief, financial institutions would extend a moratorium on the principal amount for one-and-a-half years involving Rs 2.89 billion.

He said possible participation by Indian Oil was also discussed with the FIs.

Speaking about the performance of HPL in December, Dasgupta said of late, the company had shown some positive trends. HPL had achieved 91 per cent capacity utilisation and recorded an operating profit of Rs 140 million.

In addition, the company received some respite as international price of the main raw material, naphtha, was on the decline.

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