Hindustan Petroleum Corporation Ltd’s (HPCL) long-delayed refinery and petrochemicals complex in Rajasthan is finally taking shape. India’s third-largest state-run refiner will shortly raise ₹28,000 crore in debt from a consortium of banks, two officials at HPCL told.
“We don’t need the funds immediately. We will be drawing it as and when the project needs. It will be a combination of multiple instruments. As of today, we have all the approvals in hand,” said M. K. Surana, HPCL’s chairman, and managing director. He said the company will finalise 10 of the 12 licensed technology providers by the end of next week, with an aim to complete the project by 2022.
Separately, a person familiar with the matter said on condition of anonymity that the debt would be raised by the end of September or early October.“We are keeping the size of the consortium small so only seven to eight banks will participate. We are raising funds based on the detailed project report,” the person said.