Essar Oil to infuse Rs 24,000 cr for Vadinar refinery expansion

New Delhi, Nov 16 (UNI) Essar Oil Ltd today said it will scale up its refinery capacity more than thrice at Vadinar to 7,00,000 bbls per day from its existing 2,20,000 bbls per day by 2010 at an investment of about Rs 24,000 crore.

Approving the expansion plan which would be in a phased manner, company's Board of Directors also okeyed to issue GDS at an effective price of Rs 200 per share to the promoters on a preferential basis up to a maximum of two billion dollars to partly finance the project, a statement said.

The refinery was commissioned in November last year with an investment of about three billion dollars (Rs 12,000 crore) and has been operating at about 7.5 million tonnes.

The promoters have also said that the Company no longer intends to proceed with the delisting of the equity shares of the company from the Stock Exchanges.

UNI