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Lenders decline to provide fund for India’s Haldia

by ChemOrbis Editorial Team -
  • 31/10/2014 (11:28)
India’s Haldia Petrochemicals Limited’s (HPL) most recent request for funding has been turned down by the company’s lenders, according to market sources. HPL needs $163 million of new funding in order to purchase naphtha needed to continue operations at their plant.

The government of the Indian state of West Bengal has reportedly agreed on terms to transfer its 40% equity holding in HPL to the Chatterjee Group (TCG). TCG already holds a 41% stake in HPL, which they purchased from the government in August 2014.
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