MRPL to raise Rs 5,000 crore by 2011

Mangalore Refineries and Petrochemical Ltd (MRPL) is planning to invest Rs 6,000-8,000 crore starting from early 2011. The company is looking at raising around Rs 5,000 crore to support its expansion plan, for setting up a polypropylene plant and to install a Single Buoy Mooring (SBM) at the port.

It is also planning to award additional projects worth Rs 3,960 crore by the end of this month. Speaking to Business Standard on the sidelines of the 15th Refining Technology Meeting organised by the Centre for High Technology in association with Chennai Petroleum Corporation Ltd (CPCL), U K Basu, managing director, detailed these plans and said they’d appointed SBI Capital Markets for raising the Rs 5,000 crore.

He said the company has a reserve of Rs 4,000 crore and is looking to raise the money by the start of 2011. “I am not ruling out raising the money from the markets, but it will depend upon the market condition and our cash position next year,” said Basu.