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

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

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

Next Story
Real Estate

Vitizen Hotels Signs Deal at Manyata Tech Park

Vikram Kamats Hospitality, as part of its ongoing expansion in key metropolitan markets, announced that its material subsidiary, Vitizen Hotels, has signed a long-term lease agreement for a 45-key hotel property at Manyata Tech Park, Bengaluru.Strategically located in the city’s prominent IT hub, the property is well-positioned to serve corporate travelers, business professionals, and long-stay guests. The addition aligns with the company’s asset-light growth model, leveraging long-term leases to expand its footprint in high-demand urban markets.The hotel is expected to strengthen the comp..

Next Story
Infrastructure Transport

CONCOR Signs MoU with BPIPL to Operate Container Terminal at Bhavnagar Port

Container Corporation of India (CONCOR) has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) on September 4, 2025, in New Delhi to operate and maintain the upcoming container terminal at the northside of Bhavnagar Port, Gujarat.BPIPL had earlier entered into an agreement with the Gujarat Maritime Board (GMB) in September 2024 for the port’s development. Under this arrangement, 235 hectares of land has been leased to BPIPL for 30 years, with provision for expansion by an additional 250 hectares.The new terminal is expected to significantly enhance logistic..

Next Story
Infrastructure Transport

Concord Launches India’s First Indigenous Zero-Emission Rail Propulsion

Concord Control Systems (CCSL), a leader in embedded electronics and critical rail technologies, has announced the development of India’s first fully indigenous zero-emission propulsion system, marking a significant step toward the country’s railway electrification and net-zero goals for 2030.Powered by Lithium Iron Phosphate (LFP) batteries and featuring a DC chopper-based drive, the propulsion system eliminates idling losses common in diesel engines, offering higher efficiency, lower costs, and zero emissions.What sets this innovation apart is its completely indigenous design. Except for..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?