Indian Oil gears up for Paradip refinery work

Kolkata, June 29

Indian Oil will initiate the process of appointing the project management contractor for setting up the Paradip refinery, early next month.

The company has already appointed SBI Capital for tying up finances for the proposed grassroot refinery at an estimated cost of Rs 30,000 crore.

“We are expecting SBI caps to tie-up finances in next couple of weeks so as to seek the final board approval on project expenditure tentatively within next two months,” a company source told Business Line.

“In the meantime, banking on the preliminary approval by the board, we will float the tender for appointing the PMC which is the first step towards project implementation,” the source said, adding, the company has already identified the technology for setting up the refinery.

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