Haldia Petrochemicals Ltd (HPL) is staring at the biggest ever loss in this fiscal.
“The company will incur biggest ever loss this fiscal (2011-12),” a company official told PTI.
He said there was substantial erosion of the networth of the company. At the end of March, 2010, the company’s networth stood at Rs 2,097 crore.
Asked whether HPL would approach the Board for Industrial and Financial Reconstruction (BIFR) for erosion of networth, the official said, “The board may or may not report to BIFR. A decision will be taken at the meeting scheduled for March 27“.
The official said that recurring shutdowns, depressed margins and a weak market had taken a toll on the financial performance of the company.
“But it seems now that the operations are becoming stable gradually,” the official said.
The company was also facing a mild exodus of its managerial personnel, the official said. “We are trying to convince the employees to stay put,” he said.
Meanwhile, West Bengal Industries and Commerce Minister Mr Partha Chatterjee has been just inducted on the board of HPL.