The 6 mmtpa Nagarjuna refinery at Cuddalore, Tamil Nadu, being implemented by Nagarjuna Oil Corporation Ltd, is likely to achieve financial closure by April 2007. The project which was delayed by nearly a decade was to achieve financial closure by December 2005 which was postponed by a year.
Tata Sons has picked up a 26% stake valued at Rs 400 crore, and is expected to increase it to 40% at a later stage. IO C has also picked up a 10% stake through its subsidiary, Indian Oil Tanking.
Nagarjuna group will have a 51% equity stake, while co-promoter Tamil Nadu Industrial Development Corporation holds 5% and Krupp Uhde, the EPC contractor holds 7 per cent.