NCLT order may help revive NORL's refinery project in TN, say sources

The 6 mtpa refinery on East Coast was supposed to be commissioned in 2012 for about 3,500 crore

The recent order of the National Company Law Tribunal (NCLT), Chennai, to appoint an Insolvency Resolution Professional (IRP) under the IBC 2016, is expected to help the refinery project of Nagarjuna Oil Corporation Ltd (NOCL). This would get new investors and restart the project, according to internal sources. The Nagarjuna Oil Refinery and Tata Groups-backed NOCL, has been looking for a strategic partner for long to complete the project.

The 6 mn tonne refinery on the East Coast of Tamil Nadu was supposed to be commissioned in 2012 for about Rs 3,500 crore, but the cyclone Thane stalled the project.