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Reliance Petro spends Rs 4,054 cr on refinery project

Our Bureau

Mumbai , Oct. 19

Reliance Petroleum Ltd (RPL) has spent Rs 4,054.50 crore on its refinery under construction at Jamnagar as on September 30 against the projected Rs 7,266 crore, the company said on Thursday.

In a notice to stock exchanges, the company said the variation is mainly due to non-payment of fees under certain vendor contracts awaiting documentation and non-incurrence of finance charges as no loan has been drawn as yet.

The company has tied up for long-term foreign currency borrowing of $2 billion on October 13 and expects to draw funds in the current quarter.

The company's board, which met today, approved these details.

The company said the balance of the money raised through the IPO is being held as cash and bank balance at Rs 4851.21 crore, deposits Rs 1,100 crore, and current investment Rs 3,459.05 crore.

The company said basic engineering work on the project has been completed. Nearly 75 per cent of the procurement commitments and contracts have been finalised

The project is to be commissioned by December 2008.

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