New Delhi: India's largest natural gas importer Petronet LNG Ltd plans to raise Rs 45-50 billion over the next three years for its proposed greenfield terminal at Gangavaram Port in Andhra Pradesh state, The Financial Express reported citing the company's Director Finance R K Garg.
"We are looking to raise around Rs 4,500- 5,000 crore (Rs 45-50 billion) and are in talks with various banks and financial institutions in India and abroad. Our current debt-equity ratio is 1:1, therefore, we are in a comfortable position," Garg said.
The proposed terminal, to be the first of India's east coast, is expected to have a capacity of 5 million tonne and is scheduled to commence operations in 2016. The construction will start in a year.
The terminal will have receiving, storage and regasification of liquefied natural gas (LNG) facilities.
Moreover, the company's terminal at Kochi in Kerala state is expected to be ready by July and become operational by October, while gas for the terminal will be available from Gorgon, in Australia, by 2015.
Petronet LNG is also planning to increase the capacity of Dahej terminal from the current 10 million tonnes per annum (MTPA) to 15 MTPA. This capacity addition is expected to be commissioned by September 2013, Managing Director A K Balyan had said earlier.