Vritti Law Partners advises consortium of lender on sanctioning ₹10,287 crore to Numaligarh Refinery

State Bank of India and a consortium of 11 other lenders, have granted a financial assistance aggregating to ₹10,287 crore (approximately $1.24 billion) to Numaligarh Refinery Limited.

The consortium included Bank of India, Bank of Maharashtra, Punjab National Bank, Central Bank of India, Union Bank of India, HDFC Bank Limited, Axis Bank Limited, ICICI Bank Limited, Indian Overseas Bank, UCO Bank and EXIM Bank.

Vritti Law Partners acted as legal counsel to the lead lender, SBI as well as the consortium on this financing deal.

The transaction team was led by Debashree Dutta (Partner), with support from Aishwarya Pandey (Senior Associate), Associates Kanika Jain and Priyanka Chandgude.

Numaligarh Refinery Limited (NRL) was established in accordance with the provisions made in the historic Assam Accord. NRL is a Navratna, Category-I Miniratna CPSE under the Ministry of Petroleum and Natural Gas, Govt. of India.

The financing is intended to support (i) the expansion of NRL’s refinery capacity from 3 MMTPA to 9 MMTPA; (ii) the development of a crude oil pipeline of approximately 1,635 km from Paradip, together with associated crude oil import terminal facilities at Paradip Port; and (iii) the establishment of a 360 KTPA polypropylene unit at Numaligarh, District Golaghat, Assam.

This project forms a key part of the Government of India’s Hydrocarbon Vision 2030 for the North-East, aimed at strengthening India’s energy security and driving inclusive regional economic growth.

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