Assam Petro-Chemicals Ltd will raise debt capital of Rs 635 crore from a cluster of 10 banks to carry out its Rs 1,028-crore methanol-acetic acid project.
"The company has decided to raise a debt capital of Rs 635 crore from a total of 10 different lenders," a source close to the development said.
According to the source, the company is likely to sign the agreements with the banks tomorrow.
Assam Petro-Chemicals Ltd, a government of Assam undertaking, is currently implementing a Rs 1,028-crore methanol-acetic acid project in the state.
The project has equity participation of the state government, Oil India Ltd and Assam Gas Company Ltd.
The methanol-acetic acid plant has been envisaged and is under implementation.
PMC Consultancy has been engaged for setting up of the integrated Plant. The Project is scheduled to be completed in 2014.
Incorporated in 1971, Assam Petro-Chemicals was the first entity to manufacture petrochemicals in India using natural gas as feedstock.
