+
Nayara ties up Rs 4,000 cr funding for first polypropylene project
POWER & RENEWABLE ENERGY

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

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

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

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code