Indian State Refining Giant Seeks $3.8 Billion Loan for Capacity Expansion

India’s state-controlled refiner Bharat Petroleum Corporation Ltd (BPCL) is in talks with major local banks to secure a loan of about $3.8 billion which it will use to expand the capacity of one of its refineries, Bloomberg reported on Friday, quoting sources with knowledge of the discussions. BPCL is looking to raise around $3.

8 billion (320 billion Indian rupees) from lenders to boost the capacity of its Bina refinery in the Madhya Pradesh state in central India, according to Bloomberg’s sources. The refiner has planned to invest…