The West Bengal Industry Minister and Chairman of financially troubled Haldia Petrochemicals Ltd (HPL) Partha Chatterjee today said the net worth of the company would be protected ahead of the sale of government’s stake.

“The net worth of HPL will be saved. The company’s net worth has eroded and it has become potentially sick. But, it has not turned negative,” Chatterjee said here after the company’s AGM here.

When pointed out that the other promoter Purnendu Chatterjee (PC) was saying that the net worth of the company stood negative at Rs 500 crore, he said that it was a deliberate ploy to pull down the bid price.

“PC (Purnendu Chatterjee) is saying this so that the bid price does not become high,” Chatterjee said.

The government through WBIDC had committed Rs 100 crore as emergency funding to the company. “So far we have given Rs 25 crore. We will give more,” he said.

He said that financial bidding would be completed before the Pujas.

The government had offered to sell its 40 per cent stake in HPL, following which Reliance, Cairn India, Indian Oil, GAIL and ONGC had emerged as qualified bidders.

The Chairman said that Purnendu Chatterjee had approached him for handing over the company to him for which funds would be arranged.

When asked whether PC would exercise his right of first refusal, he said “We will do what is right for the shareholders.”

The board passed the accounts of HPL for the year 2012-13 with revenue at Rs 8,663 crore and loss at Rs 960 crore.

The board also extended the tenure of Sumantra Chaudhuri as MD of the company.

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