Haldia Petrochemicals Ltd (HPL) must undergo debt restructuring before Gail buys into the petrochemicals company, Union Petroleum Minister Ram Naik said on Saturday.Naik said here that there was some synergy in marketing between Gail and HPL, as both are in the petrochemicals industry.HPL should come up with a proposal to Gail after restructuring its huge debt burden, for which the financial institutions had been already approached. ‘‘Only then, Gail will take a position,’’ Naik said.Asked whether Indian Oil Corporation (IOC) is still willing to pick up equity in HPL, he said IOC was keen to buy equity in petrochemical company provided it was given management control.‘‘IOC is not a financial institution that will give money to projects.’’
