Trafigura picks up 24 per cent stake in Nagarjuna Oil, to spend $250 mn

Singapore-based Trafigura Pte Ltd will invest up to $250 million in Nagarjuna Oil Corp (NOCL) that will include buying 24 per cent stake in the company and investing in the oil refinery being constructed at Cuddalore in Tamil Nadu.

"In addition to acquiring an equity stake, Trafigura will invest a further $120 million into the construction of extensive storage facilities and associated infrastructure at the refinery's 2,500 acre site," the company said in a statement.

Trafigura's investment in the NOCL refinery is the first of its kind for the company.

Shares of Nagajuna Oil were trading higher on the Bombay Stock Exchange in late morning trade - up 5.3 per cent at Rs 8.55.

With PTI inputs