Power Finance Corporation signs loan agreement with APL worth Rs 12.29 billion

Power Finance Corporation Limited has signed a loan agreement with Assam Petrochemicals Limited (APL) to provide term loan worth Rs 12.29 billion for the implementation of 500 tonnes per day (tpd) capacity methanol plant including 11 MW captive power plant (CPP) at Namrup, 200 tpd formalin plant including 0.90 MW power plant at Boitamari in Assam. The project entails an investment of Rs 18.27 billion. While the 200 tpd methanol plant, including 11 MW CPP plant was inaugurated in April 2023, the 200 tpd formalin plant is scheduled to commence commercial operations by March 2024. APL is state public sector undertaking of the Government of Assam (GoA) comprising GoA and Assam Industrial Development Corpoartion Limited; Assam Gas Company Limited and Oil India Limited (OIL). The company is engaged in the business of selling methanol and formalin.