Brahmaputra Cracker and Polymer (BCPL) a joint venture of state-run Gail India, Oil India (OIL) and Numaligarh Refinery, will tie up finances for its Rs5,460 crore chemical plant in Assam by the next month.
Addressing shareholders of the company in Guwahati on Wednesday, BCPL chairman B C Tripathi said financial closure of the project would be achieved next month. Tripathi is also chairman and managing director of Gail India.
Gail has a 70 per cent stake in the Rs5,460.61 crore project being set up at Lepetka village in Dibrugarh district of Assam while OIL, NRL and Assam Industrial Development Corp hold 10 per cent each.
According to a Gail press release, BCPL will spend Rs896 crore on project activities during 2009-10.
The plant, which will use natural gas and naphtha as feedstock to manufacture polymers for making plastics and other products, is scheduled for commissioning in April 2012.
Tripathi said orders for critical equipment are being placed from end-August to January 2010 and the company has committed around Rs1,720 crore towards the project.