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Construction : Deals | September 2013 | Source : Construction Update

ONGC, Shell India to buy stake in Nagarjunas TN refinery

Media reports says that government-owned Oil and Natural Gas Corporation (ONGC) and Shell India are in talks with Nagarjuna Oil Corporation for a strategic stake in Nagarjuna’s Cuddalore refinery. The project is jointly promoted by Nagarjuna Fertilizers and Chemicals Limited, Tata Petrodyne, Uhde Gmbh and TIDCO.

One of Tamil Nadu's largest private sector projects is the Cuddalore project and its total cost is around Rs 25,000 crore. Nagarjuna has already spent Rs 6,000 crore and the company is looking for investors to raise the remaining amount.

Indian Oil Corporation is also in the fray whereas Hindustan Petroleum Corporation and Bharat Petroleum Corporation, which were said to be considering the deal are no longer in the race, say media reports.

 
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