Nayara Energy achieves financial closure for foray into petrochemical business

Russia's Rosneft-backed Nayara Energy has achieved financial closure for phase-one expansion plans for petrochemical business following the tie-up of INR 4,016 crore funds from consortium of banks led by State Bank of India. The company, which operates a 20 million tonnes a year refinery at Vadinar in Gujarat, is setting up a 450 kilo tonnes per annum polypropylene plant at the refinery to mark its foray into petrochemicals business.