IOC to borrow Rs 10,000 cr for 15 mln tpa refinery at Paradip

13-Jan-09

Indian Oil Corp is to borrow Rs 10,000 crore for its 15 mln ton Paradip refinery, which is scheduled for commissioning in Q1-2012. The state oil major has mandated SBI Caps for arranging Rs 14,700 crore debt for the project. The PSU has received commitments for over Rs 10,000 crore from public sector banks including Bank of Baroda, Bank of India, Canara Bank, State Bank Of India and State Bank of Hyderabad. State Bank of India has committed to lend Rs 4,200 crore, the maximum by any bank in the loan syndication. IOC is financing the Rs 29,777 crore project in 1.5:1 debt-equity ratio.