HPL naphtha expansion scheduled for completion in 2008

Completion of the proposed expansion of Haldia Petrochemicals Ltd.'s (HPL) naphtha cracker; christened 'Super Max', is scheduled for end of 2008. The board of directors has approved the plan involving expansion of naphtha cracking capacity to 670,000 tpa from the present level of 523,000 tpa, at an estimated investment outlay of Rs 840 crore. This amount was to be funded from debt and internal accruals, but there has been a cost overrun of Rs 40 crore. HPL's turnover for 2007 was in excess of Rs 8,000 crore and clocked a net profit of Rs 581 crore.