M&A

M&A

Indian Oil looking to acquire Paradip water supply project from IL&FS

Free Press Journal  

State-owned Indian Oil Corporation (IOC) is exploring the option to acquire IL&FS Paradip Refinery Water Ltd (IPRWL), which was set up to meet the entire water requirement of the 15 MTPA Paradip Refinery Project developed by IOC in Odisha. The project transports about 100 MLD water from upstream of the Zobra barrage over the Mahanadi to the Paradip refinery. Earlier, IL&FS was holding a Swiss challenge bidding process and North Haven India Infrastructure Fund (NHIIF), an India-focused infrastructure fund managed by Morgan Stanley Investment Management, had evinced interest but later withdrew, citing delays. Subsequently IOC has confirmed it is exploring the options of acquiring IPRWL on a bilateral basis as proposed by IL&FS.