HPCL’s Barmer project achieves financial closure

Hindustan Petroleum Corporation Ltd’s Rs 43,129-crore refinery project in Barmer district of Rajasthan has achieved financial closure with tying up of a Rs 28,753-crore loan from a consortium of lenders.

According to a company statement, HPCL signed a debt syndication agreement with the consortium of nine lenders led by State Bank of India.

“sBI is the lead lender with more than 50 per cent share in the consortium,” it said and added: “This is one of the largest project debt syndications in India.”

The project, where HPCL owns 74 per cent stake and the balance is held by the Rajasthan government, will cost Rs 43,129 crore. Two-thirds of the project cost is being funded through loans and the remaining through equity by promoters.

Image credit : livemint.com

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