The stand-off between Haldia Petrochemicals Limited and the consortium of lenders continued as the promoters were yet to commit on the margin money as demanded by the latter.
“Stand-off between Haldia Petrochemicals Limited (HPL) and the lenders is continuing as the promoters are yet to make any commitment on the margin money sought for a release of Rs 1,000 crore term loan,” a source in HPL said.
He said that for the Rs 1000-crore loan sought by HPL, the lenders were insisting on a margin money of Rs 200 crore from both the promoters, WBIDC and TCG of Purnendu Chatterjee.
Earlier, state industry minister Partha Chatterjee said that the West Bengal government, promoter of WBIDC, was trying to arrange for Rs 100 crore, while TCG had expressed its inability to provide an equal amount.
Commenting on the market outlook, he said that it was looking better with product prices rising and naphtha prices falling marginally.
“We expect to post a turnaround in March with a positive EBITDA”, the source said.
The source said that naphtha imports had fallen as the company has arranged supplies from Hindustan Petroleum Corporation on credit for the first time.
Previously, Indian Oil was the sole source for domestic naphtha for HPL, the rest was being sourced from imports.