Indian Petrochemicals Corporation (IPCL), the new member of the Reliance group, has decided to invest up to Rs 7,000 crore in various operational changes and expansion of its Gandhar complex in Gujarat to bring it to a global scale.
The funds for the mega expansion will be raised through a mix of internal accruals and debt. To facilitate funding, the authorised capital of IPCL will be raised from Rs 400 crore to Rs 800 crore, including Rs 400 crore of preference capital. The current paid-up equity base is Rs 248.22 crore.
IPCL proposes to invest the money in changing gas crackers at two of its petrochemical complexes
