ONGC plans to borrow US$1 bln to fund its proposed Rs 6400 crore aromatic complex at Mangalore. ONGC Mangalore Petrochemicals Ltd (OMPL), a special purpose vehicle the state-run firm created for the project, has mandated SBI Caps to arrange for the funds for the US$1.52 bln plant adjacent to the company's 9.69 mln ton refinery. ONGC holds 46% stake in OMPL, its subsidiary MRPL holds 3%, and the balance 51% is to be held with financial institutions and banks.
Naphtha produced at MRPL would be the feedstock for the Paraxylene and Benzene plants. Naphtha capacity is currently under expansion from 9.69 mln tpa to 15 mln tpa at an estimated cost of Rs 8,000 crores.
10-Oct-08 
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