Kolkata: Haldia Petrochemicals Limited today took over Larsen and Toubro's stake of 51 per cent at Rs 180 crore in HPL Cogeneration Limited (HPLCL), a JV for captive power meant for the petrochemical major.

"After having worked for nearly 10 years in the joint venture with LT, HPL is taking over full ownership. With this buyout, HPL will further boost its profitability through operational synergy between HPL and HPLCL," a HPL statement said.

Subsequent to the buyout, HPL saw many possibilities to boost its performance. HPL had planned to improve energy efficiency by exploring utilisation of alternative feedstock, which would match its expansion plan.

HPL has embarked on a 30 per cent capacity expansion to be commissioned by 2008-end.
Source : PTI