Gujarat State Petronet Ltd and its project collaborators have sewed up funds valued at around Rs 9,500 crore for two pipeline projects.
With this, GSPL-led joint venture has secured financial closure for three cross-country pipeline projects involving a total investment of about Rs 13,700 crore in which the three PSU oil giants — IOC, BPCL and HPCL — are partners, GSPL has said in a communication to the stock exchanges.
The company said that the GSPL-led joint venture company GSPL India Transco Ltd signed an agreement on June 29 for a syndicate loan of Rs 5,080 crore with a consortium of 14 banks for its Mallavaram-Bhopal-Bhilwara-Vijaipur pipeline project.
Another joint venture company GSPL India Gasnet Ltd has entered into an agreement for a Rs 4,516-crore loan with a consortium of 12 banks for its Mehsana-Bhatinda-Jammu-Srinagar pipeline project.
Gujarat State Petronet said the joint venture companies have achieved financial closure for the three cross-country pipeline projects with a total outlay of Rs 13,704 crore.
While 70 per cent of the funds would come through debt syndication of Rs 9,596 crore, the balance 30 per cent will be from equity infusion of Rs 4,108 crore by the joint venture partners — Gujarat State Petronet Ltd (52 per cent), Indian Oil Corporation Ltd (26 per cent), Bharat petroleum Corporation Ltd (11 per cent) & Hindustan Petroleum Corporation Ltd (11 per cent).