Nayara Energy cuts debt by Rs 4,600 crore

Vadinar: Nayara Energy, which runs the Vadinar refinery built by Essar OilNSE -0.04 %, has cut its debt by Rs 4,600 crore, reducing its finance cost by Rs 1,200 crore in two years since the Rosneft-led consortium acquired the unit, its chief executive said.

It also plans to add a $850-million petchem unit and expand its fuel retail network to 7,300 in two years from 5,400 now as part of its ambition to become one of the largest integrated refinery-cum-petrochemicals complexes.