Chennai: The National Company Law Tribunal (NCLT) on Thursday approved the ‘scheme’ submitted by Haldia Petrochemicals Ltd (Haldia Petro) to take over and revive the defunct oil refinery project of Nagarjuna Oil Corporation Ltd (NOCL) at Cuddalore in North Tamil Nadu.
The financial contours of the ‘scheme’ is not known immediately.
“The NCLT has approved the scheme submitted by Haldia Petro, which is keen to establish a Rs 50,000 crore petrochemical complex at Cuddalore. Only an oral order was issued on Thursday, approving the scheme. A detailed written order, outlining the details, is expected in a few days,” V Mahesh Kumar, official liquidator appointed by NCLT to liquidate the assets of NOCL told TOI. NOCL owed around Rs 9,800 crore to banks and other financial institutions. “The approval of the Haldia Petro scheme by NCLT will pave way for a Rs 50,000 crore petrochemical complex at Cuddalore and greatly help in economic revival of the region,” Mahesh Kumar said. Haldia Petro was among the three bidders, the other two being Accord Distillers and Brewers and Adani Ports and Special Economic Zone Limited. Accord withdrew from the bidding process.
