West Bengal govt agrees to give Rs 100 crore to HPL

Kolkata, May 23: West Bengal government, which holds nearly 40 per cent stake in Haldia Petrochemicals Ltd through WBIDC, has agreed to provide Rs 100 crore to the company as demanded by the lenders, sources said.

At the board meeting of the company held here today, the West Bengal government agreed to give Rs 100 crore to the company within a period of 15 days, HPL sources told PTI.

An agreement would be shortly signed between the government and WBIDC, the sources added.

To tide over the working capital crunch, HPL had approached the consortium of lenders to provide Rs 1000 crore. The lenders in turn asked both the promoters, WBIDC and TCG, to provide Rs 100 crore each.

While the government agreed with the proposal, TCG said it would not be able to provide the money as sought by the lenders.

Meanwhile, WBIDC has embarked on a process to sell off its shares in the company.

PTI