Gail (India)-led joint venture, the Rs 5,460 crore Lapetkata petrochemical project, will make the financial closure by November. The project at Dibrugarh in Assam, has been configured with a capacity of producing 2,20,000 tpa of ethylene, 60,000 tpa of polypropylene, 55,000 tpa of raw pyrolysis gasoline and 12,500 tpa of fuel oil, and will start production by 2012.
Despite clearance from the cabinet committee on economic affairs (CCEA) in 2006, the company will make its financial closure within two months from now.
Gail holds 70% equity, Oil India Ltd 10%, Numaligarh Refineries Ltd 10% and Assam government 10% in the project. For sourcing its feedstock, the JV has tied up with Oil India Ltd, ONGC Ltd and Numaligarh Refinery Ltd (NRL).