http://paper.li/Bunibroto/1309952288/2011/10/17
What wikipedia will tell you about Haldia Petrochemical,
Haldia (Bengali: হলদিয়া) is a city and a municipality in Purba Medinipur in the Indian state of West Bengal. It is a major seaport and industrial Belt located approximately 50 kilometres southwest of Calcutta near the mouth of the HooghlyRiver, one of the distributaries of the Ganges. The population in 2001 was 170,695.
Haldia is being developed as a major trade port for Calcutta(Kolkata), intended mainly for bulk cargoes. The industrial city has several major factories, including South Asian Petrochemicals Ltd, Indian Oil Corporation Limited (IOCL), Exide, Shaw Wallace, Tata Chemicals, Haldia Petrochemicals and Hindustan Lever, in addition to various light industries. The port has attracted Major International Petrochemicals Companies, like Mitsubishi Chemical Corporation(MCC). Mitsubishi Chemicals has the Second Largest Terephthalic Acid Producing Plant in Haldia.[1] A large number of companies are also being set up now,Dredging Corporation of India Limited (DCI), primarily being ancillary industries to the Haldia Petrochemicals. The Haldia Petrochemicals is the second largest project of such kind inIndia.
This was the only pride project promoted by 30 year rule of Mr.Jyoti Basu. It was established in 1985.When investor struggled to get interest in the project because of the goodwill earned by the Left Front government.,the then governor of West Bengal, reputed industrialist Mr.Viren Shah requested his son-in law Mr.Purnendu Chatterjii to take interest in the project..Mr.Chatterjii had very nice equation with Mr.Basu but after Basu being relieved he struggled to get the same equation going strong in Mr.Budhdhadev Bhattacharyas regime. But function and profits of the company was never shattered before.
HPL produces about 3.2 lakh tonnes of polypropylene annually. The ethylene capacity of Haldia Petro was increased to 6.7 lakh tonnes from 5.2 lakh tonnes after commissioning In the month of May newgovernment took charge.in the month of May.Specially international price fluctuation of Petrochemicals caused erosion of profits of the company.It had caused a hefty 247-crore loss in the first quarter of 2011. HPL managing director Partha S Bhattacharya informed, “Polymer prices have crashed over the past few months, which is impacting the company’s margins. Accordingly, to tide over the situation, we’ve taken the decision to go in for a 12-18 day shutdown, beginning third week of July. This will help us stay away from creating an inventory in a falling market and also to carry out annual maintenance and repair work.”. Purnendu Chatterji met CM Mamata Banerjii in this demanding situation. He was assured full cooperation from the state government.
Supreme court was scheduled to give judgement on 30th September 2011 raising hopes that the company will now be able to put its troubled past behind.
The judgment would be the culmination of a six-year old legal battle that begun when The Chatterjee Group, one of the principal owners, dragged the Bengal government, the other major shareholder, to the Company Law Board over a stake sale deal.
The matter finally landed in the Supreme Court where hearing was over last year.Judgement was scheduled 10 months later. In the major legal victory for theBengalgovernment, the Supreme Court today allowed it to retain 155 million shares in the Haldia Petrochemicals Ltd (HPL) while dismissing the petition filed by The Chatterjee Group (TCG) against the decision of Calcutta High Court.
After the Supreme Court verdict, dismissing plea of The Chatterjee group (TCG) over the ownership of Haldia Petrochemicals (HPL), the West Bengalgovernment told the group to clear its stand on the issue. In a meeting between TCG founder and chairman Purnendu Chatterjee and West Bengalcommerce and industries minister Partha Chatterjee, future of HPL was also discussed. “We have told TCG to make its stand clear in writing after the court judgement on HPL as soon as possible,” the minister said.
At present, the state government owns 51.67 per cent stake in HPL, while 37.68 per cent is held by TCG. Indian Oil owns 8.19 and Tatas have 2.46 per cent stake in HPL.
It had made profit of 24 Crore in September but due to sudden unscheduled shutdown in October ,the second in 3 months HPL has caused 83 crore loss in October. It has raised fear to the business circle inWest Bengalthat the future of HPL is very uncertain.
Though Chatterji said to TOI today Chatterjee said that it is unplanned shutdown. “It is the second shutdown after August. This is a problem due to improper implementation of project supermax. Some unreliable components were installed in project supermax by the past regime,” he added. However, he is hopeful the problems will be sorted out soon. “The present government is helping the management to reach the root of the problem. We will take corrective measures,” he added.
Bengal has seen shut down of Dunlop and major tea Gardens in Darjeeling.No fresh investmentis coming through not even Congressman Jinndal’s power plant is not coming through.Shut down of Haldia will bring major Economic disaster for Bengal. In the festive season we do not want this ultimate disaster.
What wikipedia will tell you about Haldia Petrochemical,
Haldia (Bengali: হলদিয়া) is a city and a municipality in Purba Medinipur in the Indian state of West Bengal. It is a major seaport and industrial Belt located approximately 50 kilometres southwest of Calcutta near the mouth of the HooghlyRiver, one of the distributaries of the Ganges. The population in 2001 was 170,695.
Haldia is being developed as a major trade port for Calcutta(Kolkata), intended mainly for bulk cargoes. The industrial city has several major factories, including South Asian Petrochemicals Ltd, Indian Oil Corporation Limited (IOCL), Exide, Shaw Wallace, Tata Chemicals, Haldia Petrochemicals and Hindustan Lever, in addition to various light industries. The port has attracted Major International Petrochemicals Companies, like Mitsubishi Chemical Corporation(MCC). Mitsubishi Chemicals has the Second Largest Terephthalic Acid Producing Plant in Haldia.[1] A large number of companies are also being set up now,Dredging Corporation of India Limited (DCI), primarily being ancillary industries to the Haldia Petrochemicals. The Haldia Petrochemicals is the second largest project of such kind inIndia.
This was the only pride project promoted by 30 year rule of Mr.Jyoti Basu. It was established in 1985.When investor struggled to get interest in the project because of the goodwill earned by the Left Front government.,the then governor of West Bengal, reputed industrialist Mr.Viren Shah requested his son-in law Mr.Purnendu Chatterjii to take interest in the project..Mr.Chatterjii had very nice equation with Mr.Basu but after Basu being relieved he struggled to get the same equation going strong in Mr.Budhdhadev Bhattacharyas regime. But function and profits of the company was never shattered before.
HPL produces about 3.2 lakh tonnes of polypropylene annually. The ethylene capacity of Haldia Petro was increased to 6.7 lakh tonnes from 5.2 lakh tonnes after commissioning In the month of May newgovernment took charge.in the month of May.Specially international price fluctuation of Petrochemicals caused erosion of profits of the company.It had caused a hefty 247-crore loss in the first quarter of 2011. HPL managing director Partha S Bhattacharya informed, “Polymer prices have crashed over the past few months, which is impacting the company’s margins. Accordingly, to tide over the situation, we’ve taken the decision to go in for a 12-18 day shutdown, beginning third week of July. This will help us stay away from creating an inventory in a falling market and also to carry out annual maintenance and repair work.”. Purnendu Chatterji met CM Mamata Banerjii in this demanding situation. He was assured full cooperation from the state government.
Supreme court was scheduled to give judgement on 30th September 2011 raising hopes that the company will now be able to put its troubled past behind.
The judgment would be the culmination of a six-year old legal battle that begun when The Chatterjee Group, one of the principal owners, dragged the Bengal government, the other major shareholder, to the Company Law Board over a stake sale deal.
The matter finally landed in the Supreme Court where hearing was over last year.Judgement was scheduled 10 months later. In the major legal victory for theBengalgovernment, the Supreme Court today allowed it to retain 155 million shares in the Haldia Petrochemicals Ltd (HPL) while dismissing the petition filed by The Chatterjee Group (TCG) against the decision of Calcutta High Court.
After the Supreme Court verdict, dismissing plea of The Chatterjee group (TCG) over the ownership of Haldia Petrochemicals (HPL), the West Bengalgovernment told the group to clear its stand on the issue. In a meeting between TCG founder and chairman Purnendu Chatterjee and West Bengalcommerce and industries minister Partha Chatterjee, future of HPL was also discussed. “We have told TCG to make its stand clear in writing after the court judgement on HPL as soon as possible,” the minister said.
At present, the state government owns 51.67 per cent stake in HPL, while 37.68 per cent is held by TCG. Indian Oil owns 8.19 and Tatas have 2.46 per cent stake in HPL.
It had made profit of 24 Crore in September but due to sudden unscheduled shutdown in October ,the second in 3 months HPL has caused 83 crore loss in October. It has raised fear to the business circle inWest Bengalthat the future of HPL is very uncertain.
Though Chatterji said to TOI today Chatterjee said that it is unplanned shutdown. “It is the second shutdown after August. This is a problem due to improper implementation of project supermax. Some unreliable components were installed in project supermax by the past regime,” he added. However, he is hopeful the problems will be sorted out soon. “The present government is helping the management to reach the root of the problem. We will take corrective measures,” he added.
Bengal has seen shut down of Dunlop and major tea Gardens in Darjeeling.No fresh investmentis coming through not even Congressman Jinndal’s power plant is not coming through.Shut down of Haldia will bring major Economic disaster for Bengal. In the festive season we do not want this ultimate disaster.
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