Nayara Energy achieves financial closure for petrochemicals expansion

Ties up Rs 4,016 crore term loan from SBI-led consortium

Nayara Energy has tied up a project term loan of Rs 4,016 crore for the first phase of its petrochemical plant expansion plans.

The company said it signed a financial agreement with a consortium of banks led by State Bank of India for the assistance. A statement from Nayara Energy said the funds will be used to set-up a 450,000-tonne-per-annum (KTPA) polypropylene plant at its Vadinar refinery in Gujarat.

The loan facility carries a tenure of over 15 years. The project is proposed to be funded with a mix of debt and equity.

"The company is already in possession of