Cals to set up 3 refineries in Bengal at Rs 20k crore

Corporate Bureau
Posted: Thursday, Mar 20, 2008 at 2307 hrs IST
Updated: Wednesday, Mar 19, 2008 at 2330 hrs IST

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Kolkata, Mar 19: Cals Refineries, a Delhi-based company, has signed a land deal with two agencies of the West Bengal government for a Rs 20,000-crore plan for three refineries in the port town of Haldia and the Nayachar river island off Haldia, giving a fillip to the state’s plans for a chemical hub.

Manabendra Guha Roy, chief executive officer of the BSE-listed company, on Wednesday signed a memorandum of understanding with West Bengal Industrial Development Corp managing director MV Rao and the Haldia Development Authority’s CEO, Parwez Ahmed Siddiqui.

In the first two phases, Cals is to invest Rs 8,000 crore in two refineries at Haldia, each of 5 million tonne, requiring a total of around 1000 acres.

“These will be standard refineries, produce various grades of petrol, diesel, naphtha and LPG,” Guha Roy said. They will also supply naphtha to Haldia Petrochemicals Ltd.

“We are in talks with various companies for export of the petrol and diesel,” Guha Roy told FE.

Cals is also trying to rope in BP as an equity partner, Guha Roy said. The Nayachar refinery would come up in the third phase, at a cost of Rs 12,000 crore. Guha Roy said this would use new technology to maximize feedstock for downstream petrochemicals industries.

Chief Minister Buddhadeb Bhattacharjee, commerce & industries minister Nirupam Sen and HDA Chairman Lakshman Seth were present at the signing of the MoU.

Sen noted that Indian Oil Corp would be increasing the capacity of its refineries at Haldia to 12.5 million tonne over the next two years, and the MoU signed today is an important milestone towards the proposed PCPIR or Petroleum, Chemical, Petrochemicals Investment Region (PCPIR).

Hailing the Cals project as being 'important' for the state, the Chief Minister said it would create about 8,000 jobs, mainly in downstream projects, on completion.

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Comments

» cals refineries

Posted by Bastian Babu on 2009-08-20 10:25:29.392228+05:30
This is a good pick at this point of the market.This share will move up to 3 to 3.5rs in near future.

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» Cals - A Good Deal

Posted by John Philipose on 2009-05-26 22:37:28.168066+05:30
I think the current valuation of the script Cal Refinery which is 0.80 paise is a good deal to invest in. If we look at the life time high of this script it is above Rs.100. To invest now comparatively would mean investment at a 99% discount. Would advice short term traders not to enter this script. For those who have excess unused money and can hold on for a period of 2 years, this is the best opportunity to enter this script. This would be a gamble script and after crossing Rs.1.15 it may rally with upper circuits. Looking at ofcourse, India's growth story and stable government, I am extremely positive on this script. Very soon we should hear some good news from Haldia. I think the worst is already over and its time to bounce back to those higher levels and the target Rs.50 don't seem far for me. I am cent percent POSITIVE for CALS REFINERY LTD. Best wishes for all those who have invested and those who would invest at this golden opportunity. We all should see our money multiplying at a faster pace with some good news comming in.

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» Going down

Posted by arun on 2009-06-09 15:00:35.643636+05:30
it reaches 1.08, but now its daily coming down....i donâ€™t think it will stable before 0.40. whets your opinion.

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» delisting of cals shares

Posted by B.Prabhakar Reddy on 2009-05-26 20:58:19.415667+05:30
I heard the news of delisting of CALS shares in BSE. Is it true

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» Please advice

Posted by Manish Sajwan on 2009-05-25 12:33:50.090635+05:30
I want to invest 20000 rupees in cals refienry stock for 4-5 years. Is it make sense?

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» post applied for mechanical manager

Posted by sbhunia on 2008-08-07 12:05:44.426888+05:30
Dear sir,I would like to work as a process equipment manager in Cals refinery(part of spice group refinery.)presently I am doing at Punjlloyd as a Mechanical manager(at haldia/IOCL refinery).

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