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Indian Oil ties up $3 bn debt for refinery

Indian Oil ties up $3 bn debt for refinery
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First Published: Thu, May 14 2009. 03 36 PM IST
Updated: Thu, May 14 2009. 03 36 PM IST
Mumbai: State run Indian Oil Corp (IOC) has tied up Rs149 billion ($3 billion) term loan for a new refinery in east India in the country’s largest syndicated rupee loan for a single project, the arranger has said.
A consortium of 21 lenders led by State Bank of India (SBI) agreed to provide the loan for the 15 million tonnes a year refinery in Orissa state, SBI Capital Markets said in a statement.
The refinery, due to be commissioned in early 2012, is expected to cost Rs335.04 billion funded through a mix of Indian and foreign debt and internals accruals, it said.
The refinery is part of Indian Oil’s plan to raise its refining capacity to more than 1.6 million barrels a day by 2011-12 from the current 1.2 million barrels.
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First Published: Thu, May 14 2009. 03 36 PM IST