Power Finance Corporation Limited (PFC) and Assam Petrochemicals Limited (APL) signed a loan agreement on September 4, 2023, to provide a term loan of ₹1,229 crore for the development of two key projects in Assam: a 500 Tons Per Day (TPD) Methanol Plant, including an 11 MW Captive Power Plant (CPP) at Namrup, and a 200 TPD Formalin Plant with a 0.90 MW CPP at Boitamari. The total estimated cost of the project is ₹1,827 crore.
The 500 TPD Methanol Plant, along with the 11 MW CPP, was inaugurated by the Hon’ble Prime Minister of India on April 14, 2023, following its completion. Commercial operations for the entire project, including the 200 TPD Formalin Plant, are scheduled to begin by March 31, 2024.
The loan agreement was signed during a ceremony at the PFC office in New Delhi, attended by senior officials from both organizations. Representing PFC were Smt. Parminder Chopra, CMD; Shri Rajiv Ranjan Jha, Director (Projects); Shri Manoj Sharma, Director (Commercial); and Shri H. K. Das, ED (Projects). APL was represented by Shri Bikul Ch. Deka, Chairman; Shri Rajnesh Gogoi, Managing Director; Shri Pramod Kr. Prasad, Director (Finance); and other officials.
Assam Petrochemicals Limited, a State Public Sector Undertaking under the Government of Assam, operates with contributions from Assam Industrial Development Corporation Limited (AIDCL), Assam Gas Company Limited (AGCL), and Oil India Limited (OIL). Since its establishment in 1976, APL has been manufacturing and selling methanol and formalin, with operations expanding to neighboring countries such as Bangladesh, Bhutan, and Nepal, as well as various regions across India.
This collaboration underscores PFC’s commitment to supporting infrastructure development in India’s North Eastern Region and ensuring the successful completion of transformative projects like these.