In a recent official statement released on Wednesday, the Haldia Petrochemicals (HPL) has announced that it has acquired a 51 per cent stake, held by Larsen & Toubro (L&T) in the HPL Cogeneration (HPLCL). The HPLCL is the joint venture between the two companies for captive power supply and the company has acquired the stake with an estimated investment of Rs 180 crore. The company officials have stated that the company has made the acquisition at a time, when the company was operating in adverse circumstances with the bottomline under great pressure.
According to a source from the company, the 10-year old JV has already produced 116 mw of captive power for HPLs operations and the HPL had the option to acquire L&Ts stake in 2020 at a suitable price, as per the initial agreement. The source said that HPLCL reported a net profit of Rs 76 crore in the last financial year and the HPL is now planning to make fresh investments in HPLCL for improving the energy efficiency of the plant. The company is thinking of utilizing the alternative feedstock that matches its expansion plans.
The Executive Officer of HPL, Mr. Swapan Bhowmik said that HPL is also likely to use mixed gases in place of naphtha for generating power. He informed that the company is using 70 mw power from HPLCL, at the moment and the energy requirements of HPL are estimated to increase after its 30 per cent capacity expansion project, scheduled to be commissioned by 2008-end. He further said that the total installed capacity of the company is going to be increases to 1.7 million tonnes per annum, once the expansion project is completed.
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| Posted : 5/9/2008 |
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