Guru Gobind Singh Refinery (GGSRL), a
joint venture of the LN Mittal Group and Hindustan Petroleum Corporation, which
is executing the 9 million tpa Bhatinda refinery in Punjab, plans to raise $1
billion in foreign borrowings over four years to fund the project.
The company is in the process of
firming up Rs.8,000 crore loan from a consortium of 26 banks led by State Bank
of India for the project and is expected to achieve financial closure in July
2007.
HPCL and Mittal Energy Investments Pte
will hold 49 per cent stake each in GGSRL The balance two per cent will be given
to financial institutions.
Also See:
Cabinet allows
Mittal to pick 49 pc stake in Bathinda refinery (21-Jun-07)
Related Links:
Project profile