Equity stake of Kakinada refinery subject to change

New Delhi, Nov 20 (UNI) The government today said the equity stake in Kakinada refinery may undergo change if viable propositions are received from interested strategic partners.

Pursuant to the MoU, a special purpose vehicle (SPV) in the name of Kakinada Refinery and Petrochemicals Ltd (KRPL) was incorporated with the following equity structure with Mangalore Refinery Petrochemical Ltd (MRPL), a subsidiary of ONGC having 49 per cent while Infrastructure Leasing&Financial Services Ltd (IL&FS) and Kakinada Seaports Ltd (KSPL) with 51 per cent.

The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has a participation of three per cent.

The SPV will set up an export-oriented refinery within the Kakinada special economic zone (SEZ) subject to techno-economic feasibility, Minister of State for Petroleum Dinshaw Patel said in a written reply to the Rajya Sabha.

Engineers India Ltd (EIL) has been engaged to prepare and submit the detailed feasiblity report (DFR) for a capacity of 15 MMT, the Minister said.

UNI