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Nayara Energy achieves financial closure for petrochemical plant expansion

Thursday, 26 Aug 2021
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Nayara Energy has tied up a project term loan of Rs 4,016 crore for Phase-I of its petrochemical plant expansion plans.

The company signed a financial agreement with a consortium of banks led by the State Bank of India for the assistance. The funds will be used to set up  4,50,000 ktpa polypropylene plant at its Vadinar refinery in Gujarat.

The loan facility carries a tenure of over 15 years. The project is proposed to be funded with a mix of debt and equity. The company is already in possession of required land and does not need to acquire fresh parcels for the upcoming project.

The construction of Phase-I of the petrochemicals project is expected to be completed in 2023. Nayara Energy had first announced its plans to expand into petrochemicals at the Vibrant Gujarat Summit in 2019.


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