Nagarjuna Oil Corporation today announced that it had completed financial closure for its Rs 4,790-crore, 6-million-tonne petroleum refinery at Cuddalore, Tamil Nadu. Work on the project has begun and the refinery is expected to be commissioned by mid-2011.
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Foundation stones for three major projects involving investment of Rs 7290-crore in Cuddalore, including the Rs 4790-crore refinery project of Nagarjuna Oil Corporation Ltd, a subsidiary of Nagarjuna Fertilisers and Chemicals Ltd, Rs 1500-crore Thiruchopuram port project and Rs 1000-crore shipyard project of Good Earth Ltd, were unveiled by the Tamil Nadu Chief Minister M Karunanidhi on Wednesday. <<< more (click)

In what may be termed as the single largest private sector investment in Tamil Nadu, Hyderabad-based Nagarjuna Group is investing Rs 4,790 crore in establishing a six million tonne petroleum refinery (1,25,000 barrels per day) in Cuddalore, 200 km south of Chennai. <<< more (click)

Tata Sons has increased its stake in the 6-million-tonne refinery being set up by the Nagarjuna Group at Cuddalore in Tamil Nadu. With this, there has been a slight change in the equity holding pattern. Against a 26 per cent stake earlier, Tata Sons Ltd will now hold a 30 per cent stake in the Rs 1,372-crore equity of the company. The other stakeholders are: Nagarjuna group with 51 per cent; Tamil Nadu Industrial Development Corporation Ltd, a State Government undertaking, with 5 per cent; Uhde GmbH of Germany, the technical collaborator, with 4 per cent; and Suntera Resources Ltd’s 10 per cent. Earlier, Exim Bank had a 1 per cent stake and Uhde 7 per cent.  <<< more (click)

The Nagarjuna Group has finally found a partner in Tata Sons Ltd for its Rs 4,700 crore oil refinery project in Cuddalore in Tamil Nadu. The total investment by the Tatas is expected to be around Rs 350 crore. Both the companies have signed an investor agreement recently.

According to the agreement, the Tatas will take 26% stake in Nagarjuna Oil Corporation (the company, which is implementing the refinery project) while Nagarjuna Fertilizers and Chemicals (NFCL) will retain its 51% share, M Ramakanth, company secretary, NFCL said confirming the development.

The other partners in the project include Sunterra with 10% and the remaining 13% is shared between TIDCO, EXIM and Udhe, GmbH, of Germany, he added. The project has an equity base of Rs 1,400 crore. <<< more (click)

Nagarjuna Oil Corp. Ltd, a unit of Hyderabad’s Rs1,843 crore Nagarjuna Fertilizers and Chemicals Ltd (NFCL), expects to tie up finances for its refinery by the year-end, marking renewed progress in implementation of the project that was initially scheduled to go on stream in 2002. Having completed the equity tie-ups early this year for the 6 million tonne (mt) per annum project costing Rs3,625 crore, Nagarjuna Oil has recently given the debt syndication mandate to Industrial Development Bank of India Ltd (IDBI) and State Bank of India Ltd (SBI). The project, being set up at Cuddalore in Tamil Nadu, has Tata Sons Ltd with a 26% stake, the first time the Tata group is making a foray into refining. <<< more (click)