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Stock update: Petronet LNG

Stock update: Petronet LNG

Petronet LNG plans to raise Rs5,000 crore in debt to build power plants. The money will be borrowed from overseas and local banks by the end of 2010.

Petronet may raise an additional Rs2000cr in 2011, selling shares to existing investors. Petronet’s planned power plants will be built adjacent to its import terminals at Dahej in Gujarat state in western India and Kochi in the southern state of Kerala.

The plants will have the capacity to generate 1,200 megawatts of electricity and may be completed in 2012. We remain NEUTRAL on the stock.

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