By an OGJ Online Correspondent
MUMBAI, Nov. 6 -- Global Infrastructure Co. of Singapore, American Insurance Group (AIG), State Bank of India, and the Industrial Development Finance Corp. (IDFC) have all expressed interest in an equity stake in Petronet LNG's 25 billion rupee ($520 million) liquefied natural gas import terminal at Dahej in Gujarat, western India.
"Global, AIG, and State Bank have said that they would like to pick up 10% equity in the terminal, while IDFC is interested in 5%," said Suresh Mathur, managing director and CEO of Petronet LNG. "The four companies are currently conducting due diligence."
Financing for the 5 million tonne capacity terminal, which will be constructed on a 70:30 debt-equity ratio, should be finalized by June 2002.
By the end of November, the company will provide data that banks and financial institutions need for long-term project financing.
Petronet recently arranged a short-term bridge loan of 14 billion rupees from seven banks to begin construction of the terminal.
