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Kharafi Group to invest in Cals' refinery

Friday, 26 Nov 2010
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The Kuwait based Kharafi Group will invest in a refinery of Cals Refineries.

The Group on 25 November 2010 signed an agreement with the company for investing $150 million (approx Rs 682.5 crore) in the refinery being set up by Cals at Haldia in West Bengal. The refinery is to have a capacity of 1,00,000 bpd.

The project is expected to cost Rs 5,000 crore and the company is looking at raising further funds as well.

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