HPCL - GGSRL, Joint Venture of HPCL & Mittal Investment achieves financial closure

Hindustan Petroleum Corporation Ltd (HPCL) has announced the following: A Consortium of 26 lenders led by the State Bank of India have on July 27, 2007 committed a 14 year project finance term loan aggregating approximately Rs 7,800 Crores to Guru Gobind Singh Refineries Ltd. (GGSRL), a joint venture of Hindustan Petroleum Corporation Ltd (HPCL) and Mittal Energy Investments Pte. Ltd, Singapore for setting up a 9 MMTPA Greenfield Refinery at Bathinda in Punjab.

The transaction is one of India's largest Syndicated Project Finance Deal and the lenders to the Project include Allahahad Bank, Andhra Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Indian Bank, life Insurance Corporation of India, Oriental Bank of Commerce, Punjab National Bank, Punjab and Sind Bank, State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of India, State Bank of Indore, State Bank of Mysore, State Bank of Patiala, State Bank of Saurashtra, State Bank of Travancore, Syndicate Bank, The Federal Bank, Union Bank of India, United Bank of India, UCO Bank and Vijaya Bank.

In a glittering ceremony on July 28, 2007, in Mumbai, the participating Banks / LIC concluded the agreement in this regard. The function, among others, was attended by the members of the Board of the Sponsors and Senior Management of the participating Lenders.

The transaction is one of India's largest Syndicated Project Finance Deal on Rupee Term Loan."

Source : Equity Bulls

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