Govt soon likely to declare Rs 37,230 cr refinery in Rajasthan

Posted By: Religare
Subscribe to GoodReturns

In a letter to UPA Chairperson Sonia Gandhi, Petroleum Minister Veerappa Moily has requested to announce Rs 37,230 crore refinery-cum-petrochemicals project in the state of Rajasthan, as per the media reports.

"The 4,000 acres of land needed for the project in Pachpadra (Barmer District) in Rajasthan has been identified and is being acquired by the government of Rajasthan," Moily said in the letter.

The project, with annual capacity of 9 million tonnes, will be implemented as a joint venture between state-owned Hindustan Petroleum Corporation Ltd (HPCL) and the Ashok Gehlot-led government of Rajasthan.

While HPCL will hold 74 per cent equity stake in the project, the remaining stake will be hold by the state government.

HPCL will have the complete marketing rights for all the products including petrochemical products, which will be produced by the refinery. In addition, ONGC and Engineers India Ltd are likely to pick up some stake in the project, the report added.

Read more about: refinery
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'