Latest News | Mangalore Chemicals and Fertilizers to Get Rs 280 Cr Loan for Ammonia Plant
Get latest articles and stories on Latest News at LatestLY. Mangalore Chemicals and Fertilizers Limited (MCFL) will get term loans of Rs 280 crore from three banks for upgrading its ammonia plant.
New Delhi, Aug 25 (PTI) Mangalore Chemicals and Fertilizers Limited (MCFL) will get term loans of Rs 280 crore from three banks for upgrading its ammonia plant.
In a regulatory filing, MCFL informed it has achieved the financial closure for the improvement of its ammonia plant with total investment of Rs 395 crore.
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"... the Company has completed the financial closure for term loans with Punjab National Bank, State Bank of India and ICICI Bank Limited for a total debt of Rs 280 crore for upgradation of Ammonia plant...," the filing said.
The approximate cost of upgrade of ammonia plant would be Rs 395 crore to be met with debt of Rs 280 crore and internal accruals of Rs 115 crore, it said.
The project is aimed at achieving reduction in energy consumption and increase in capacity of the plant.
Mangalore Chemicals and Fertilizers Limited is a subsidiary of Zuari Fertilisers and Chemicals Limited.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)