Excerpts from CNBC-TV18's exclusive interview with KS Raju:
Q: Could you give us the details of when this projects gets off ground becomes operational and total funding plans for this?
A: The equity for this project Rs1400 has been decided quite a while ago, an year and half ago we were working on the debt portion ever since we will take a while longer before it's closed. Once this project starts it will take good 3 years to complete before going to commercial production. The overall project cost is around Rs 4,700 and Rs 1,400 cr of which is equity and the remaining is debt portion. We have been trying to get the financial closure and once it is done the project will take off.
Q: How much stake will Nagarjuna Fertilizer hold in this joint venture and will you at all look selling some of your stake if you want to bring more equity participation?
A: No, the equity has been tied up so there no further dilution. Nagarjuna fertilizer would hold 51% of the Nagarjuna Oil Corporation and remaining would be with Tata Group and few others.
KS Raju
