The Guru Gobind Singh refinery at Bathinda, Punjab, has tied up $2 billion dollars in funds to increase its refining capacity to 18 million metric tonnes per annum (mmtpa) and set up a petrochemical complex, two people aware of the development said.
The Bathinda refinery is run by HPCL-Mittal Energy Ltd (HMEL), a joint venture between Hindustan Petroleum Corp. Ltd and Mittal Energy Investments Pvt. Ltd, Singapore.
HPCL and Mittal Energy Investments hold 49% stake each in the venture, with financial investors owning the rest.
“Bathinda refinery is funding the expansion through a combination of equity and debt syndication by banks. A consortium of 12 domestic banks, led by SBI Capital Markets, has facilitated the fund raise for Bathinda refinery. The refinery has begun executing the expansion plan,” said the first person mentioned earlier, who is a banker. He spoke on the condition of anonymity as he is not allowed to speak to the media. Read More…