Mangalore Chemicals and Fertilizers Limited has completed the financial closure for term loans with Punjab National Bank, State Bank of India, and ICICI Bank Limited for a total debt of Rs 280 crore for upgradation of ammonia plant to achieve a reduction in energy consumption and increase in capacity.

The approximate cost of upgradation of the ammonia plant would be Rs395cr to be met with a debt of Rs280cr and internal accruals of Rs115 crore.