New Delhi: Petronet LNG Ltd has secured a ₹12,000-crore rupee term loan from a consortium comprising State Bank of India and Bank of Baroda to primarily finance its petrochemicals project, the company said in a statement on Wednesday.
The agreement follows a competitive bidding process supported by SBI Capital Markets Ltd, which acted as Petronet’s advisor.
Each bank has sanctioned ₹6,000 crore under the facility, which will also support other capital expenditure requirements.
Petronet, India’s largest liquefied natural gas (LNG) importer, is a joint venture of GAIL, ONGC, Indian Oil and Bharat Petroleum Corporation, each holding a 12.5% stake.
With LNG regasification terminals at Dahej in Gujarat and Kochi in Kerala, the company has a total regasification capacity of 22.5 million metric tonnes per annum.