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More Loans for Essar Oil

Dec 16, 1999

Essar Oils Jamnagar refinery has got a clean chit by the committee of experts set up by ICICI. The committee was set up to look at the viability of the 12 m tonne refinery project being set up at a cost of Rs.73.56 bn. The implication of this report would mean that the institutions are not averse to lending a bridge loan in order to restart the implementation of the project. ABB Lummus has been given the single-point responsibility for the project implementation and a wrap around guarantee has been obtained.

Interestingly, both BPCL and IOC, who are slated to take a stake in the company, were represented on the committee. However, the capacity utilisation build up of 75%, 90%, and 100% for the refinery in the first three years seems to be a triple optimistic.

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