The National Company Law Tribunal (NCLT), Chennai, has given its nod for Haldia Petrochemicals (Haldia Petro) scheme for the revival of the Nagarjuna Oil Corporation (NOCL).

Haldia Petro is planning to invest around Rs 50,000 crore to convert this refinery into a petrochemical complex.

Haldia Petro was among the three prospective bidders, the other two are Accord Distillers and Brewers and Adani Ports and Special Economic Zone.

Haldia Petrochemicals, Accord Distillers and Brewers and Adani Ports and Special Economic Zone had submitted expressions of interest (EoI). Accord Distillers withdrew its EOI.

NOCL, a joint venture of Hyderabad’s Nagarjuna Fertilizers & Chemicals (NFCL) and TIDCO of the Tamil Nadu government, is a six million tpa petroleum and oil refinery project in Cuddalore which is stalled due to shortage of funds. The facility is spread over in 2,185 acre of land.

NOCL's refinery project in Cuddalore was supposed to go on stream in 2012, but was hit by number of delays including a cyclone in 2011. Time and cost overruns resulted in the project cost escalating to Rs 15,000 crore from Rs 3,500 crore.

A consortium of 17 banks, which funded the project, was to have brought in an additional Rs 7,000 crore debt as part of a restructuring which did not materialise and insolvency proceedings was initiated against NOCL.