HPL to diversify its product line up

Haldia Petrochemicals Ltd. (HPL) Managing Director Swapan Bhowmick said that the company is considering plans to enter into new product lines by adding capacity to the current products. Once approved, the project would be completed by 2010, he said. The investment would be somewhat lower than the first plant, since the land available for the plant and the common infrastructure are already in place. The funding of the expansion plan would be done from internal accruals and debt, he said. The company is expected to convene a meeting of its board on October 29 to consider issue of shares to a consortium of 25 financial institutions led by the Industrial Development Bank of India Ltd. (October 13, 2007)