Business Daily from THE HINDU group of publications
Wednesday, Jun 28, 2006
Business Daily from THE HINDU group of publications Wednesday, Jun 28, 2006 |
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Money & Banking
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Investment Banking Industry & Economy - Petroleum SBI-led consortium to invest in BORL Our Bureau
Mumbai , June 27 A consortium of 20 lenders led by State Bank of India has committed a 14-year project finance term-loan aggregating Rs 6,387 crore to Bharat Oman Refinery Ltd (BORL), a special purpose company promoted by Bharat Petroleum Corporation. BORL is setting up a 6-million tonneper annum green field refinery at Bina in Madhya Pradesh and its associated infrastructure comprising crude receiving facilities at Vadinar in Gujarat, including 935 kmlong cross country pipeline and a captive power plant of 126 MW. State Bank of India Capital Markets Ltd (SBICAP) would act as the sole financial advisor and arranger for the transaction. The transaction is India's largest syndicated project finance deal, according to a press release by SBICAP. Bank of Baroda, Bank of Maharashtra, Central Bank of India, Indian Bank, Life Insurance Corporation of India, Indian Overseas Bank, among others would be part of the consortium of lenders. The refinery worth Rs 10,378 crore would be completed in four years. Till now, petroleum products were supplied by coastal refineries in the region, incurring huge transportation costs. The refinery would not only provide economic benefits but also create employment opportunities in Gujarat and Madhya Pradesh, the release said.
More Stories on : Investment Banking | Petroleum | Bharat Petroleum Corporation Ltd | State Bank of India
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