p Nayara Energy to invest $850mn in Indian business | 2019-01-21

Nayara Energy to invest $850mn in Indian business

21 January, 2019 12:00 AM printer

NEW DELHI: Indian company Nayara Energy, in which Russian state oil giant Rosneft holds a 49.13%-stake, has signed an agreement with the administration of India’s Gujarat state two memorandums of understanding (MoU) to invest $850 in expanding the Vadinar refinery there.

The documents were signed during the Vibrant Gujarat international economic forum the in the city of Ahmedabad, the Times of India reported on Saturday, reports TASS.

“I am glad to announce today that Nayara Energy will enter into an MoU worth USD 850 million with the Gujarat government for our ex expansion plan which will see us start a new refinery unit.”