Why India's top gas importer wants a ₹12,000cr loan
What's the story
India's leading gas importer, Petronet LNG, is eyeing a loan worth ₹12,000 crore. The funds will be used to finance the expansion of a petrochemical plant in Gujarat. The facility is being constructed at an estimated cost of ₹20,685 crore. Saurav Mitra, the company's head of finance, revealed this during an analyst call today.
Financial strategy
Capex for FY27 expected to exceed ₹5,000cr
Petronet LNG has ambitious plans for the coming years, with an estimated spending of ₹30,000 crore. A major chunk of this budget will go into the construction of the petrochemical project. The company's capital expenditure for FY27 is expected to exceed the current fiscal year's estimate of ₹5,000 crore. This indicates a ramp-up in investment as part of their growth strategy.
Infrastructure development
Petronet approves new LNG terminal in Odisha
In a recent board meeting, Petronet LNG approved the establishment of a new Liquefied Natural Gas (LNG) import terminal in Odisha. The facility will have an annual capacity of five million tons and will be set up at an estimated cost of ₹6,350 crore. This project is part of the company's continued efforts to expand its infrastructure and service capabilities across India.