Nayara ties up Rs 4,000 cr funding for first polypropylene project
POWER & RENEWABLE ENERGY

Nayara ties up Rs 4,000 cr funding for first polypropylene project

Rosneft-backed Nayara Energy has secured Rs 4,000 crore in funding from a consortium of lenders led by the State Bank of India for its first petrochemicals project.

Nayara said in a statement that the funds will be used to build a 450,000-tonne-per-year polypropylene plant at its Vadinar refinery in Gujarat.

The company has already purchased the necessary land. According to the company, the loan facility has a tenor of more than 15 years.

Alois Virag, Chief Executive Officer of Nayara Energy, stated that the financial closure brings their growth plans to fruition, as they aim to become one of the largest integrated energy and petrochemical complexes in the country.

According to Virag, the demand for polypropylene is expected to grow at a rate of around 10% per year. The project is scheduled to be finished in 2023.

The Chief Financial Officer of Nayara Energy, Anup Vikal claims that the project will increase the profitability of the company.

Nayara Energy owns and operates a 20 million tonne per year refinery in Gujarat, as well as more than 6000 fuel retail outlets throughout the country.

Rosneft and an investment consortium consisting of commodity trading firm Trafigura and UCP Investment Group purchased Nayara Energy, formerly known as Essar Oil, from Ruias four years ago.

Image Source


Also read: GAIL to expand into petrochemicals, specialty chemicals, renewables

Rosneft-backed Nayara Energy has secured Rs 4,000 crore in funding from a consortium of lenders led by the State Bank of India for its first petrochemicals project. Nayara said in a statement that the funds will be used to build a 450,000-tonne-per-year polypropylene plant at its Vadinar refinery in Gujarat. The company has already purchased the necessary land. According to the company, the loan facility has a tenor of more than 15 years. Alois Virag, Chief Executive Officer of Nayara Energy, stated that the financial closure brings their growth plans to fruition, as they aim to become one of the largest integrated energy and petrochemical complexes in the country. According to Virag, the demand for polypropylene is expected to grow at a rate of around 10% per year. The project is scheduled to be finished in 2023. The Chief Financial Officer of Nayara Energy, Anup Vikal claims that the project will increase the profitability of the company. Nayara Energy owns and operates a 20 million tonne per year refinery in Gujarat, as well as more than 6000 fuel retail outlets throughout the country. Rosneft and an investment consortium consisting of commodity trading firm Trafigura and UCP Investment Group purchased Nayara Energy, formerly known as Essar Oil, from Ruias four years ago. Image Source Also read: GAIL to expand into petrochemicals, specialty chemicals, renewables

Next Story
Equipment

Godrej Material Handling Leads East India with 21% Market Share

The Material Handling business of Godrej & Boyce, a part of Godrej Enterprises Group, is powering industrial growth in Eastern India marking over 60 per cent Y-o-Y growth in the Jamshedpur region for FY25. Solidifying its market leadership, the business commands a dominant 21 per cent market share in the Eastern region, serving as a crucial enabler for the region’s manufacturing sector. At the Indomach Expo in Jamshedpur, the business is showcasing its next-generation forklift to meet evolving needs of Eastern India’s industrial corridor. Jamshedpur, Eastern India’s industrial po..

Next Story
Equipment

Mecbo America Launches Scorpion Concrete Crawler Boom

Mecbo America, a division of Blastcrete Equipment LLC, brings a new product to its lineup: the Scorpion Concrete Crawler Boom. The Scorpion provides contractors working in piling, drilling, tunnelling or commercial construction with a flexible arm for placing concrete where needed without disrupting the jobsite. It is an economical enhancement for contractors who have a concrete pump but need an effective way to deftly move material to spots that are difficult or unsafe to reach using other methods.“As concrete contractors grow and the scope of their work changes, many recognize the need for..

Next Story
Infrastructure Urban

REC Flags off Mobile Medical Units Funded in Punjab

REC Limited, a Maharatna CPSE under the Ministry of Power and a leading NBFC, under its flagship CSR initiative Mobile Medical Units has committed Rs 42.9 million for the procurement and deployment of four Mobile Medical Units (MMUs) in 4 districts of Punjab. These units, handed over to the Indian Red Cross Society, Punjab, were flagged off by Hon’ble Governor Shri Gulab Chand Kataria Ji at Punjab Raj Bhawan.Serving as a lifeline for deprived communities, the MMUs will provide essential healthcare across four districts. REC Foundation continues to expand its CSR footprint, with various Mobil..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?