Nayara Energy has tied up a project term loan of Rs 4,016 crore for the first phase of its petrochemical plant expansion plans.
The company said it signed a financial agreement with a consortium of banks led by State Bank of India for the assistance. A statement from Nayara Energy said the funds will be used to set-up a 450,000-tonne-per-annum (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,” Nayara said.
