Plan To Revive Nagarjuna Oil Cleared By NCLT
The National Company Law Tribunal (NCLT) has cleared Haldia Petrochemicals’ scheme to revive the Nagarjuna Oil refinery project. This provides a new life to the suspended ?3,500-crore Nagarjuna Oil Corporation Ltd. Though the order is awaited, a senior official at Haldia Petrochemicals confirmed the development. The project in Cuddalore, about 175 km south of Chennai, was to go onstream in 2012 but various delays escalated the cost by nearly 3 times before the project came to an abrupt halt in December 2011.