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Rosneft-backed Nayara Energy has secured Rs 4,000 crore in funding from a consortium of lenders led by the State Bank of India for its first petrochemicals project. Nayara said in a statement that the funds will be used to build a 450,000-tonne-per-year polypropylene plant at its Vadinar refinery in Gujarat. The company has already purchased the necessary land. According to the company, the loan facility has a tenor of more than 15 years. Alois Virag, Chief Executive Officer of Nayara Energy, stated that the financial closure brings their growth plans to fruition, as they aim to become one of the largest integrated energy and petrochemical complexes in the country. According to Virag, the demand for polypropylene is expected to grow at a rate of around 10% per year. The project is scheduled to be finished in 2023. The Chief Financial Officer of Nayara Energy, Anup Vikal claims that the project will increase the profitability of the company. Nayara Energy owns and operates a 20 million tonne per year refinery in Gujarat, as well as more than 6000 fuel retail outlets throughout the country. Rosneft and an investment consortium consisting of commodity trading firm Trafigura and UCP Investment Group purchased Nayara Energy, formerly known as Essar Oil, from Ruias four years ago. Image Source Also read: GAIL to expand into petrochemicals, specialty chemicals, renewables