Rupee term loan facility for an aggregate principal amount of INR 18,904 Crores extended by multiple lenders led by State Bank of India to Numaligarh Refinery Limited

  • Deal
  • January 6, 2022

JSA advised and assisted a consortium of 12 lenders comprising of Bank of India, Bank of Maharashtra, Punjab National Bank, Union Bank of India, HDFC Bank Limited, Axis Bank Limited, ICICI Bank Limited, Indian Overseas Bank, UCO Bank, Central Bank of India, Export Import Bank of India, led by State Bank of India in connection with a secured Rupee term loan facility for an aggregate principal amount of INR 18,904 Crores (“Facility”) extended to Numaligarh Refinery Limited (“Borrower”), a subsidiary of Oil India Limited.

The Facility will be utilised for part-financing the cost of expanding the refinery capacity of the Borrower to treble its refining capacity from 3 MMTPA to 9 MMTPA at a cost of Rs. 28,026 Crore. As part of the project, the Borrower is also laying a crude oil pipeline (length 1640 Km) from Paradip, Odisha to Numaligarh, Assam along with a crude oil import terminal at Paradip for receipt of imported crude.
This is the largest project being implemented by a corporate in north-east India, and is being pursued as part of the Government of India’s North-East Hydrocarbon Vision 2030.

Deal value: Approx. USD 2.5 billion

JSA team comprised Lead Partner – Dina Wadia, Partner – Soumitra Majumdar, Senior Associate – Abhay Agarwal, Intern – Kaustubh Sharma.