Business Daily from THE HINDU group of publications
Friday, May 15, 2009
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Business Daily from THE HINDU group of publications Friday, May 15, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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New Projects Money & Banking - Credit Market
Our Bureau New Delhi, May 14 Indian Oil Corporation Ltd has signed a rupee term loan agreement for Rs 14,900 crore with a consortium of 21 lenders led by State Bank of India for its grassroot refinery project at Paradip, Orissa. In a statement to the BSE, the company said that the term loan facility is for the setting up of the 15-million-tonnes a year refinery at Paradip at a cost of Rs 33,504 crore. This is the largest syndicated rupee term loan arranged so far in the Indian debt market for a single project, the company said. IOC plans to raise funds from external markets also to part finance the project. The external funding would be mainly used for buying equipment for the project, which would be sourced from the international market. The project, which is under implementation, would be commissioned in phases. In the initial phase, the primary unit of the refinery crude distillation unit and naphtha cracker, sulphur recovery unit and diesel hydro treater will be commissioned by March 2012. The complete commissioning of the refinery is expected by June 2012. More Stories on : New Projects | Credit Market | Petroleum | State Bank of India
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