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Nagarjuna Oil Corporation (NOCL), a part of the Hyderabad-based Nagarjuna group, has raised about $100 million (Rs 553 crore) from Singapore-based crude oil trading major Trafigura to fund its six-million tonne oil refinery project coming up in the Petroleum Chemicals and Petrochemicals Investment Region on the Cuddalore-Nagapattinam stretch in Tamil Nadu.
Disclosing this here on Tuesday, KS Raju, chairman of the Nagarjuna group, said that the company will be raising further funds by diluting its equity in the project. According to him, the group currently holds 40 per cent equity in the project, while it had infused about Rs 800 crore towards the equity.
In April, the Singapore company had reportedly announced plans to pick up a 24 per cent stake in the refinery project for a consideration of $130 million. The proceeds will be used to complete the construction of the project, which is expected to be ready in the later part of next year, according to Raju. The project involves a total investment of about Rs 10,000 crore.
Tata Sons and a German company are among the other equity partners in the project.
Nagarjuna is a diversified conglomerate having interests in power, infrastructure, fertilisers and other sectors. The group is currently undertaking a Rs 5,000-crore expansion of its fertiliser plant at Kakinada in Andhra Pradesh.
Agrichem targets Rs 1,000-crore revenues
Nagarjuna Agrichem Limited (NACL), a part of the Nagarjuna group, is targeting to achieve the Rs 1000-crore turnover mark, from Rs 600 crore last year, in the next couple of years.
The proposed revenue growth would be achieved by enhancing the exports by way of contract manufacturing as well as through expanding its domestic footprint by 20-25 per cent, said Raju after inaugurating the company's new research and development (R&D) centre in Hyderabad. The company had invested about Rs 75 crore in the new research facility and its zero-liquid discharge manufacturing facility at Srikakulam, he said.
The company, which currently produces and markets about 45 generic crop protection products across the country, is currently in discussions with 8-10 international players to bring their proprietary products into the Indian market, according to him.
NACL managing director V Vijay Shankar said that they will be introducing two proprietary products owned by multinational companies shortly, mainly in the herbicide category.