Haldia Petro buys out L&T's stake in HPLCL
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.
IANS
Today’s top news
Haryana family kills lovers for honour
A family in a village in Karnal district of Haryana is being interrogated by the police for strangulating a young couple, including a pregnant woman, in love to punish th...
Obscenity charges against Husain dropped
Coming down heavily on the "new puritanism" being carried out by "ignorant people", the Delhi High Court Thursday dismissed criminal proceedings against eminent painter M...
Yash Raj Films embroiled in another 'title' controversy
Yash Raj Films has once again got embroiled in a controversy over the title of its forthcoming movie "Thoda Pyaar, Thoda Magic," which has Saif Ali Khan and Rani Mukerji ...
'Superstar India' - De's passionate love letter
"When all else fail we pull out Gandhi," the baritone of ad man Suhel Seth rang out as he read from Shoba De's latest offering "Superstar India: From Incredible To Unstop...
First family wedding seeks cover in Texas
Presidential daughter Jenna Bush is retreating to the family home in Crawford, Texas, to get married Saturday, ducking the demand for publicity that would have gone with ...
Cops summoned for assaulting sportspersons
The Allahabad High Court Friday summoned senior police officers of Varanasi over alleged police assault on three state-level tennis players.
Tagore at Twenty20
Kolkata Knight Riders owner and Bollywood superstar Shahrukh Khan (SRK) surely knows how to keep every one happy!
India to deploy tourist police at major destinations
India is set to deploy tourist police at its important tourist destinations to ensure the security of foreign visitors and also in view of the Commonwealth Games in New D...
Anushka Sharma to star opposite Shah Rukh Khan
Model Anushka Sharma will play Shah Rukh Khan's leading lady in "Rab Ne Bana Di Jodi", which is being directed by Aditya Chopra.
Five million foreign tourists visited India in 2007
The number of foreign tourist arrivals in India in 2007 totalled five million, an increase of 12.4 percent from the previous year.