Brahmaputra Cracker and Polymer Ltd -- a joint venture of state-run GAIL India, Oil India and Numaligarh Refinery -- will tie up firms for its proposed Rs 5,460 crore chemical plant in Assam by next month.
“Financial closure of the project will be achieved next month,” BCPL Chairman and GAIL Chairman and Managing Director B C Tripathi said addressing shareholders of the company in Guwahati on Wednesday.
GAIL holds 70 per cent in the Rs 5,460.61 crore project being set up at village Lepetkata in Dibrugarh district of Assam. OIL, NRL and Assam Industrial Development Corp have 10 per cent each.
“BPCL will spend Rs 896 crore on project activities during 2009-10,” a press release issued by GAIL said.
The project, which will use natural gas and naphtha as feedstock to manufacture polymers used to make plastics and other products, is scheduled for commissioning in April 2012.
“Orders for critical equipment are being progressively placed from end August to January 2010,” Tripathi said. BCPL has so far made a total financial commitment of around Rs 1,720 crore for the project.
GAIL will make an equity contribution of Rs 188 crore, he said.
OIL and Oil and Natural Gas Corp (ONGC) will supply natural gas for the project while NRL will supply naphtha.