Nocil’s debts to be paid by new owner

Mumbai, India–New owner of National Organic Chemicals Industries Ltd (NOCIL), Reliance Group, is to pay 80 percent of the debts owed by the failed rubber chemical supplier. NOCIL owes a total of some Rs 3000 million (€53 million) to a consortium of Indian banks

At the same time, the company is restructuring, leaving NOCIL’s petrochemicals activities with Sunbright Cement Agencies, a business associate of Reliance Industries. NOCIL will retain its rubber chemical activities, but the de-merger still awaits approvals from the Mumbai High Court.

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