HPL seeks four years’ time to meet export obligations

Haldia Petrochemicals has sought four years’ time from the Finance Ministry’s revenue department to meet the required export obligation norms after resuming operations from January this year.

“We want to meet the export liabilities and for that HPL had approached the revenue department for a time period of four years for meeting the obligatory norms,” director-in-charge of HPL Subhasindu Chatterjee said.

The Directorate of Revenue Intelligence (DRI) had slapped a notice on the HPL seeking payment of around Rs 1,500 crore and penalty for not meeting export obligation norms required for availing of advance licenses for zero duty imports.

“We are recovering the export markets, the key one being the South East Asian region. We are hopeful of meeting the norms ahead of four years,” he told reporters here on Friday. Commenting on the operation, he said, the plant at Haldia was running at 95 per cent capacity consistently.

He said that 27 lenders and the promoters jointly chipped in Rs 1,000 crore for meeting working capital requirements.

Asked about the transfer of West Bengal government's shares to TCG, he said that deadline given to them was extended. With prices of imported naphtha falling and polymer prices remaining steady, the company is reaping good margins.