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Companies submit EoIs for Nagarjuna Oil’s Tamil Nadu assets

Wednesday, 07 Aug 2019
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Three companies -- Adani Ports and Special Economic Zone, Haldia Petrochemicals and Accord Distillers and Brewers -- have evinced interest in the assets (on ‘as is where is’ condition) of Nagarjuna Oil Corporation (NOCL), Cuddalore in Tamil Nadu which is under liquidation.

 

The asset is highly valued for its location and the huge land parcel of 2,158 acre. The three companies have submitted their Expression of Interest (EoI) based on an advertisement issued in July 2019 by NOCL liquidator.

NOCL revival assumed significance after disposal of an appeal of Haldia Petro by the National Company Law Appellate Tribunal (NCLAT). The Rs 3,500 crore NOCL project in Cuddalore, Tamil Nadu, was to go on stream in 2012 but various delays escalated the cost by nearly three times before the project came to an abrupt halt in December 2011 following a cyclone.

A consortium of 14 banks that funded the project was to bring in an additional Rs 7,000 crore debt as part of a restructuring plan which, however, did not materialise. The project was designated as the anchor unit of the Petroleum, Chemicals and Petrochemical Investment Region to be established in Cuddalore and Nagapattinam districts.

The company has 2,158 acre of un-litigated contiguous piece of industrial land, ideally located near to the sea but out of bounds of Coastal Regulation Zone (CRZ) regulations; near to railway siding and access to Puducherry Airport apart from Karaikal port.

The infrastructure facilities already done in the plant site with clear layout and utilities such as desalination plant, power plant and trenches for cabling, storm water flow and discharge make the unit a good investment proposal for bidders. The project, if funded adequately, can commence operations in three years.

 
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