The Union petroleum ministry has issued directives to Indian Oil Corporation (IOC) to not consider any investment in Haldia Petrochemicals (HPL) since the oil major has no room to leverage its finances with government subsidy required to post profits.
IOC posted a R22,451 crore net loss in the first quarter of FY 13, though in the second quarter it came round the corner posting a R9,611-crore net profit. A petroleum ministry official told FE that IOC’s 9.6% holding in HPL already has a negative impact on its balance sheet since HPL shares are R(-)5 per share at present.
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Links:
[1] http://admin.indiaenvironmentportal.org.in/news/don%E2%80%99t-invest-haldia-petro-ministry-tells-indian-oil
[2] http://admin.indiaenvironmentportal.org.in/category/newspaper/financial-express-new-delhi
[3] http://admin.indiaenvironmentportal.org.in/category/thesaurus/west-bengal
[4] http://admin.indiaenvironmentportal.org.in/category/thesaurus/medinipur-d
[5] http://admin.indiaenvironmentportal.org.in/category/thesaurus/indian-oil-corporation-ioc
[6] http://admin.indiaenvironmentportal.org.in/category/thesaurus/ministry-petroleum-and-natural-gas
[7] http://admin.indiaenvironmentportal.org.in/category/thesaurus/fuel-pricing
[8] http://admin.indiaenvironmentportal.org.in/category/thesaurus/energy
