It was announced on July 28, 2008, that BORL was to have a petrochemical plant adjacent to the Bina refinery built as a JV to involve OOC as a partner.
BORL is considering a petrochemicals plant to be built in India.
In the first half of 2008, BORL had approached the Madhya Pradesh government, seeking 1,000 acres of land for the petrochemicals plant.
BORL had told the market regulator Securities and Exchange Board of India (SEBI) that the petrochemicals plant was going to provide many jobs to the state and that the medium to long-term prospects for chemicals in the country were good enough to warrant investing in BORL's new project.
It will get the remaining 24 per cent equity through an initial public offering, the dates of which are yet to be finalised, the source said adding BORL has already arranged Rs 6,400 crore loan to achieve financial closure.
Oman Oil's additional investment of Rs 1,220 crore would take its stake in BORL to 26 per cent from present 2 per cent.