By IANS,
Kolkata : Haldia Petrochemicals Ltd (HPL) Tuesday acquired Larsen and Toubro’s 51 percent stake in HPL Cogeneration Limited (HPLCL) for Rs.1.80 billion, getting full ownership of the firm that was set up as a joint venture in 1998.
HPL managing director S.K. Bhowmik said: “Earlier L&T had 51 percent and HPL had 49 percent stake in HPLCL. With this buyout, we have got full ownership of the power utility arm.”
Following this buyout, HPL perceives many possibilities to boost its performance to optimise energy balance of its entire complex and improve the overall energy generation and utilisation.
HPL’s turnover in the last fiscal stood at Rs.86 billion, whereas HPLCL registered a turnover of Rs.1.33 billion during the same period.
HPL is gearing up for a 30 percent capacity expansion project, which is to be commissioned by 2008 end.