14 Jul 2020 | 8:52 PM

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Netoil commences due diligence to acquire NOCL
  Nagarjuna Oil Refinery Ltd. | 24 Dec 2019 | 04:01 PM
Published on 09-09-2015
Nagarjuna Oil Refinery Ltd (NORL) said Netoil Singapore Pte Ltd a Singapore-based oil major shall acquire 46.78 per cent stake in Nagarjuna Oil Corporation (NOCL) from NORL. The company is the promoter of a 6 million tones refinery project in Cuddalore district of Tamil Nadu.


In a filing to the Bombay Stock Exchange Nagarjuna Oil Refinery Ltd said the board of directors at its meeting noted that Netoil has commenced work on confirmatory due diligence.


On satisfactory completion of confirmatory due diligence Netoil shall acquire the entire equity capital in NOCL subject to approval from lenders and all shareholders.


Further the company said that the lenders of NOCL have also commenced appraisal of the proposal of Netoil for realignment of existing debt and approval of the new debt for the completion of the project.


Moreover the Government of Tamil Nadu (GOTN) in view of the large size of the project has also been informed and is aware of various developments concerning the refinery project the company said.


Meanwhile shares of the company were trading at Rs 5.40 apiece up 14.16 per cent from previous close on BSE at 12:39 hours.