The company laid the foundation stone for the petrochemical expansion project for the 450 KTPA Polypropylene Plant as a part of its backward diversification to alternate sustainable revenue streams. The polymer is derived from propylene gas and other by-products of crude distillation like naphtha. Optimization of the sales mix with the inclusion of high-demand 'On-Purpose Product' (OPP) from common throughput is expected to benefit the Company's profit margins and provide a hedge against fortuitous economic extremes. In August 2021, the Company achieved financial closure for Phase 1 of its expansion plans into petrochemicals by tying up project-term loans with reputed institutions.

The Company had also issued and allotted 22,850 Secured, Listed, Rated, Redeemable 9% Non-Convertible Debentures (Listed NCPs') of the face value of (Rupees One Million), each aggregating to 22,850 million on a private placement basis on August 13, 2021. These NCDs are listed on the BSE Limited. The Company is a ‘high-value debt listed entity’ in terms of Regulation 15 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (“Listing Regulations”). This issue was over-subscribed by 128.5% and was used to had redeemed 2,400 Secured, unlisted, redeemable non-convertible debentures of the face value of each aggregating to 24,000 million. * The coupon rate at the time of issuance and listing was 8.75% p.a. However, pursuant to terms of the issue of Listed NCDs the interest rate was revised to 9% p.a. effective from March 17, 2022. scrip Code: 973384; BSE Limited

Nayara Energy gets Alois Virag as new CEO. The appointment follows the incumbent chief executive B Anand's elevation as the president of the company, which is majority-owned by a few Russian government-owned energy giant Rosneft.