HPL board meet today

Haldia Petrochemical, which is once again on the threshold of an ownership tussle, has already made a loss of Rs.700 crore. However, the government was keen that it should run well, Industry Minister Partha Chatterjee told reporters at the State Secretariat. Mr. Chatterjee, who has recently joined the HPL board, said this after a meeting between the main private sector promoter of HPL, Purnendu Chatterjee, and Chief Minister Mamata Banerjee. The meeting is being seen as significant, coming as it does a day ahead of a crucial board meeting of HPL on Tuesday. There may be a move at that meeting to put the Industry Minister in the chairman's seat. At the meeting, the previous years results are also to be adopted.Mr. Partha Chatterjee told reporters that the company had made a Rs.700-crore loss so far, but the government was keen that it should run well. Poor market conditions and depressed margins have also pushed HPL to the brink and a mandatory reference to BIFR has now become increasingly difficult to avoid.