VTB signs MoU with India’s Matix Group
VTB bank signed a Memorandum of Understanding (“MoU”) with India’s Matix Group to provide a credit facility of up to $150 million in euro equivalent to Matix, the world’s largest single stream integrated ammonia-urea complex in West Bengal, India.
The funds provided will be used to support the refinancing of the current debt and will enable Matix to ramp-up production to full capacity.
The documents were signed during the Russia-Indian Summit in New-Delhi, India.
Andrey Kostin pointed out that VTB has been successfully working with Matix Group for several years. The MoU confirms the bank’s commitment to continue supporting business operations and cooperation with the Indian group, contributing to developing of the fertiliser manufacturing industry in the region, as well as strengthening relations between Russia and India and positioning the countries as reliable economic partners in the international arena.
Matix Group has built and commissioned a world-class gas based greenfield integrated Urea plant in West Bengal, India. The 1.3 MTPA ammonia-urea facility is one of the world’s largest single-stream operations, underpinned by industry leading “state-of-the-art” technologies.