Hotline: 1800 102 2007
Hotline: 1800 102 2007
Jan, 19 2019

Nayara Energy eyes investing $850 mn to expand into petrochemical business

Nayara Energy, earlier known as Essar Oil, is operating a 20 million tonnes a year oil refinery at Vadinar.

Nayara Energy eyes investing $850 mn to expand into petrochemical business

Russian oil giant Nayara Energy has announced $ 850 million expansion plan for its Vadinar refinery in Gujarat, marking its entry into the petrochemical business.

Nayara Energy, earlier known as Essar Oil, is operating a 20 million tonnes a year oil refinery at Vadinar.

B Anand, CEO of Nayara Energy, has said that in the first phase, the company is planning to set up a 450,000 tonnes per annum polypropylene plant. He added, "The planned investment is basically diversification into petrochemical business. The unit is targeted to be completed by 2022-end."

Nayara Energy inked two memorandums of understanding (MoUs) with the Gujarat Government. As per the MoUs, Nayara Energy will invest $850 towards phase-1 of the expansion plan that will see the establishment of new refinery and petrochemical units.

Anand further stated, "With our investments and the retail expansion that is underway, we plan to optimize India's energy basket and offer energy to everyone."

sharebtn
Comment
user
email
mobile
address
star
Related opportunities
  • Car Wash / Ceramic Coating / Detailing
    About us: Manmachine Car Care Pvt. Ltd. brings the true Ceramic..
    Locations looking for expansion Uttar Pardesh
    Establishment year 1987
    Franchising Launch Date 2016
    Investment size Rs. 30lac - 50lac
    Space required 1500 - 2000 Sq.ft
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Noida City Uttar Pardesh
  • Competitive Exam Coaching Institute
    About Us: Want to start your own institute or coaching? Unite..
    Locations looking for expansion Delhi
    Establishment year 2011
    Franchising Launch Date 2017
    Investment size Rs. 20lac - 30lac
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater New delhi Delhi
  • About Us: LA Sovereign Bicycles Pvt Ltd. was established in 2006..
    Locations looking for expansion New Delhi
    Establishment year 2006
    Franchising Launch Date 2015
    Investment size Rs. 20lac - 30lac
    Space required NA
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New Delhi New Delhi
  • Diet Supplimentary
    About Us: A Well Established & Trusted Health Supplement Brand Since..
    Locations looking for expansion Gujarat
    Establishment year 2013
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 200
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Ahmedabad Gujarat
Insta-Subscribe to
Entrepreneur
Magazine
sme-80x109
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
email
mobile
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities