SBI nominee inducted on Haldia Petrochemicals board


KOLKATA: State Bank of India, one of the lenders to ailing Haldia Petrochemicals Ltd, has been accorded a board position in the company, West Bengal Industries and Commerce Minister Partha Chatterjee said today. 

"SBI was demanding a berth on the HPL board for long. We have decided to offer a berth to one of the nominees of the bank on HPL's board," Chatterjee, who is also the 
chairman of HPL, told reporters here. 

Meanwhile, the banks' consortium demanded margin money of 20 per cent from both the promoters for availing of Rs 1,000 crore sought for HPL's revival. 

The Minister said the other promoter, Purnendu Chatterjee of TCG, had expressed its inability in providing Rs 100 crore as margin money. 

The other promoter WBIDC ( 
West Bengal Industrial Development Corporation) was agreeable to the idea but sought cooperation from the West Bengal government, Chatterjee said. 

On the issue of WBIDC's sale of shares on HPL, he said that the process was likely to be over by June 30 instead of the earlier deadline of March 31. 

HPL is joint venture project having the Government of West Bengal, 
The Chatterjee Group (TCG) and Indian Oil Corporation BSE -1.35 % as major stakeholders.