Oil India Ltd acquire 49 pc stake in Assam Petrochemicals

Oil India Ltd to acquire 49 pc stake in Assam Petrochemicals

7:08 AM, 15th June 2013
Oil India Ltd to acquire 49 pc stake in Assam Petrochemicals

NEW DELHI, INDIA: Oil India Ltd (OIL) is set to acquire 49 per cent equity in Assam Petrochemicals Ltd (APL), credited to be the first company in India to manufacture petrochemicals using natural gas as feedstock. A deal with the Assam government, which holds majority stake in the company through Assam Industrial Development Corporation Ltd (AIDC), is likely by October 2013.

APL was looking for a partner to invest in its expansion and diversification by implementing a 500 tonne a day methanol plant, along with a downstream plant of value-added product for production of 200 tonne a day acetic acid.

The state government was planning to arrange equity portion of the capital through preferential allocation of shares to strategic investors. The debt portion of the project capital was to be arranged through a loan syndication with SBI Capital Market.

According to Nripendra Kumar Bharali, Director (human resources and business development), discussions are going on and the board approved the buy in its last board meeting. The petroleum and natural gas ministry has already allocated 0.5 million cubic metre per day natural gas to APL for its expansion project and to be exclusively supplied by OIL.

© Business Standard News

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