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PFC signs loan agreement with Assam Petrochem for Methanol Plant

By IndianMandarins- 05 Sep 2023
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New Delhi (05.09.2023): Power Finance Corporation Limited (PFC) and Assam Petrochemicals Limited (APL) signed a loan agreement for extending a term loan of Rs 1,229 crore for implementation of 500 Tons Per Day (TPD) Methanol Plant including their 11 MW Captive Power Plant (CPP) at Namrup and 200 TPD Formalin Plant including their Captive 0.90 MW power plant at Boitamari in Assam State at an estimated Project Cost of Rs 1,827 Crore. 500 TPD Methanol Plant, including 11 MW CPP, was inaugurated by the Prime Minister of India on April 14, 2023 on completion. The project, including 200 TPD Formalin Plant, is scheduled to commence commercial operation by 31.03.2024.
The signing occurred in a ceremony in the PFC office, New Delhi, in the presence of PFC officials Parminder Chopra, CMD, Rajiv Ranjan Jha, Director (Projects), Manoj Sharma, Director (Commercial), H K Das, ED (Projects) and APL officials Bikul Ch. Deka, Chairman, Rajnesh Gogoi, Managing Director, Pramod Kr Prasad, Director (Finance), along with other officials of PFC & APL.
APL is a State Public Sector Undertaking of Government of Assam, comprising of Government of Assam (GOA), Assam Industrial Development Corporation Ltd (AIDCL); Assam Gas Co. Ltd (AGCL) and Oil India Limited (OIL). APL started its operations in 1976 and has been in the business of selling Methanol and formalin since 1989 & 1998, respectively. Presently, APL has expanded its business to the neighbouring countries of India, i.e. Bangladesh, Bhutan, and Nepal and has catered its roots to the ER&NER, NR & WR region of India.

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