The board of Navaratna oil PSU Indian Oil Corporation would meet again to look into the various financial aspects involved in restructuring Haldia Petrochemicals Limited (HPL). Sources in Indian oil based in Delhi told PTI on Saturday that at yesterday's board meeting held in Gurgaon, the petrochemicals group of the oil company appraised it about the proposal for participating in HPL and presented an approach paper. The paper was prepared to give information to the board for holding discussion on the proposed restructuring of HPL, the sources said.
As there are so many issues involved, the Indian oil board would meet again to take a final view on this matter.
The proposal which had been given to the oil PSU was related to the naphtha cracker segment, sources said.
A large portion of the debt was to be transferred to it and the polymer segment would be the holding company, they said.
Participation by Indian oil was sought by the other three promoters so that the cash flow position of the company improved significantly by fresh infusion of capital.
Bureau Report