Defying Negativity of Nirav Scam, PNB approves 890 Cr Loan for Namrup Plant in 10 Days

Guwahati, February 28: Soothing the nerves of restless customers after the Nirav Modi scam, Country’s second largest Public Sector bank, Punjab National Bank (PNB) recently approved a loan of Rs.890 Cr to Assam Petro-Chemical Limited (APL) for setting up two plants.

The first one is a 500 TPD methanol plant at Namrup, for which construction has already started and the second, a 200 TPD Formalin plant at Boitabari.

Both the plant will be set up at a whopping cost of Rs. 1350 Cr approximately.

API tied up with Punjab National Bank for its financing and the documentation ceremony was held recently at Hotel Lily in presence of board of Directors of APL headed by Jagdish Bhuyan, former legislator.

PNB was represented by LK Malhotra, Zonal Manager. With the signing of documents, the financial closure has been achieved.

Meanwhile, Bhuyan praised PNB for sanctioning the loan of Rs 890 Cr in record time of 10 days. Also, LK Malhotra cleared all doubts about the credibility of PNB office of recent happenings. He further emphasized that, PNB is a strong bank with 11 Lac Cr and any loss arising out of said fraud will not affect the flawless working of the bank in any manner, whatsoever.