Indian Oil Corporation (IOC) has arranged funds for its Rs 33,504 crore Paradip refinery project in Orissa which is slated to be commissioned by March 2012.

The funds were arranged by a consortium of banks, led by SBI Caps. Among the banks, State Bank of India has emerged as the biggest lender with a loan amount of Rs 4,200 crore. In all SBI Caps has managed to arrange Rs 14,900 crore for the project. IOC is expected to sign loan agreements with the consortia of banks on 14 May 2009.

The company had recently split the refinery cum petrochemical complex into two projects and decided to implement the refinery first.

Also See:

OVL, IOC to invest in Iran gas field (02-May-09)

Addendum:

The loan agreement was signed for Rs 14,900 crore on 14 May 2009. The term loan facility is for funding the setting up of 15 million tpa grass roots refinery project at Paradip, Orissa at an approved cost of Rs 33,504 crore.

Related Links:
Project profile