Nayara ties up Rs 4,000 cr funding for first polypropylene project

28 Aug 2021 CW Team

Rosneft-backed Nayara Energy has secured Rs 4,000 crore in funding from a consortium of lenders led by the State Bank of India for its first petrochemicals project.

Nayara said in a statement that the funds will be used to build a 450,000-tonne-per-year polypropylene plant at its Vadinar refinery in Gujarat.

The company has already purchased the necessary land. According to the company, the loan facility has a tenor of more than 15 years.

Alois Virag, Chief Executive Officer of Nayara Energy, stated that the financial closure brings their growth plans to fruition, as they aim to become one of the largest integrated energy and petrochemical complexes in the country.

According to Virag, the demand for polypropylene is expected to grow at a rate of around 10% per year. The project is scheduled to be finished in 2023.

The Chief Financial Officer of Nayara Energy, Anup Vikal claims that the project will increase the profitability of the company.

Nayara Energy owns and operates a 20 million tonne per year refinery in Gujarat, as well as more than 6000 fuel retail outlets throughout the country.

Rosneft and an investment consortium consisting of commodity trading firm Trafigura and UCP Investment Group purchased Nayara Energy, formerly known as Essar Oil, from Ruias four years ago.

Image Source

Also read: GAIL to expand into petrochemicals, specialty chemicals, renewables

Resources

03 Jun 2026

Jyoti Structures Launches Heat Safety Drive Across Sites

Jyoti Structures (JSL) has strengthened heat safety measures across its project sites and manufacturing facilities as temperatures rise across India. The company has implemented a Summer Safety Plan covering all transmission line projects to address risks related to heat stress, dehydration and worker fatigue.The initiative includes rescheduling work away from peak afternoon temperatures, provision of drinking water, ORS and lemon-salt solutions, and installation of rest shelters near work areas. Daily toolbox talks, worker health monitoring, first-aid preparedness, emergency transport arrange..

MHADA Declares 82 Buildings Most Dangerous in Central and South Mumbai

The Maharashtra Housing and Area Development Authority (MHADA) has declared 82 buildings as most dangerous across Central and South Mumbai and has appealed to residents to vacate immediately. The list, prepared after structural assessments by the authority, identifies buildings judged to pose imminent risk to occupants and to passersby. Local civic bodies have been asked to coordinate evacuations and to make arrangements for temporary shelter and rehabilitation for displaced households. Officials said the authority prioritised buildings with visible structural distress, severe cracking, tiltin..

Damage Reported At Halwara Airport Terminal After First Rains

Severe damage was reported at the terminal of Halwara Airport during the first major rain spell of the season, prompting immediate concern among aviation and local authorities. Images from the site showed water ingress and visible deterioration of the terminal interior, affecting passenger areas and ancillary services. The airport authority suspended certain operations temporarily to assess structural safety and ensure passenger wellbeing. Preliminary inspections have prioritised electrical systems and roof seals to prevent further water ingress. State aviation officials ordered a formal inqui..