Power Finance Corporation (PFC) will provide Rs. 1,229 crore term loan to Assam Petro-Chemicals Ltd. to develop a 500 Tonne Per Day (TPD) methanol plant and a 200 TPD formalin plant in Assam. These projects will be developed at a total estimated cost of Rs. 1,827 crore. The companies signed an agreement for the same on 4th September 2023.
Assam Petrochem’s methanol plant will be developed with an 11 MW Captive Power Plant (CPP) at Namrup while the formalin plant will be set up with its 0.90 MW captive power plant at Boitamari in Assam. The 200 TPD formalin plant is scheduled to start operation by March 2024.