Financing for Nagarjuna refinery targets closure in 2006

The 6-million-ton refinery at Cuddalore in Tamil Nadu, promoted by the Nagarjuna group and the Government of Tamil Nadu, is likely to achieve financial closure by the end of 2006. The group is in negotiations with several small foreign oil companies, including the Itera group of Russia, for equity placements. Tata Sons has already acquired a 26% stake for Rs400 crores (US$88.2 million) in the project while Indian oil Corporation (IOC) has acquired a 10% stake through its subsidiary, Indian Oil Corporation Tankers. (September 28, 2006)