16 October 2007 13:45 [Source: ICIS news]
MUMBAI (ICIS news)--India’s Reliance Petroleum Limited (RPL) said it utilised higher than estimated funds for its Jamnagar refinery complex to the end of last month, mainly due to contractor pre-payments for efficient and speedy implementation of the project, the company said on Tuesday.
RPL, which is implementing the Reliance Industries Limited (RIL) project in Gujarat state, said it had spent Indian rupees (Rs) 219.7bn ($5.6bn) for the period but had expected to utilise Rs169.7bn.
The company had raised Rs81bn through an initial public offering (IPO) last year for the project, which it expects to be completed before December 2008.
($1 = Rs39.20)
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