Numaligarh Refinery Limited signs agreement with State Bank of India

GUWAHATI: Assam based Numaligarh Refinery Limited ( NRL) has signed an agreement with State Bank of India ( SBI) to raise US$ 90 Million to finance its Capital Projects.

This will be NRL’s biggest financing deal since commissioning of the refinery in the year 2000. The Company has for the first time accessed the route of dollar denominated financing in a big way through External Commercial Borrowing (ECB).

SBI underwrote ECB at a competitive bidding and loan will be syndicated by its London Branch.

NRL will be utilizing this borrowing primarily to part finance its ongoing Wax Project at its Refinery Complex in Numaligarh, Assam. Estimated cost of Wax Project is Rs 577 crores with foreign exchange component of Rs. 80 crores. The plant is scheduled to be commissioned within the current financial year.

According to the company this project funding experience will be handy when NRL embarks upon its ambitious project of Refinery Expansion from the current 3 MMTPA to 8/9 MMTPA, which is actively being pursued.