Nanar not to affect investors

Mumbai: While the Maharashtra government’s decision to shift the proposed site for country’s largest oil refinery is a temporary set back for India’s energy sector, exp-erts said the development is not likely to materially impact the general investment climate.

With one of its major allies in Maharashtra - Shiv Sena lending support to farmers protesting against the refinery, chief minister Devendra Fadnavis said his government has decided to stop land acquisition for the $44 billion oil refinery – a joint venture between state-run oil companies and Saudi Aramco, a Saudi Arabian oil company.

“Massive tracts of land is required and unless its made available I believe they'll not go ahead. But since the centre and the state have keen interest, they'll find a way out,” said K Ravichandran, senior vice president, ICRA.