Australian company Riverina Oils and Bio Energy has secured a A$16.5 million (US$14.7 million) loan facility from Bank of Baroda and a term loan of A$10 million from State Bank of India (SBI). The funds will be used for expansion.
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Riverina, which began commercial operations in February, has built an integrated oilseed crushing and refining plant in Wagga Wagga, New South Wales. The plant has a crushing capacity of 500 tonnes of oilseeds a day. Riverina aims to produce 200 tonnes of refined vegetable oil and 300 tonnes of vegetable protein meal a day for the poultry, dairy and animal feed industries.
Majmudar & Partners, led by partner Prashanth Sabeshan, advised Bank of Baroda and SBI on the transactions. Hunt & Hunt was Australian counsel to the banks and Infinitus Law Corporation was Singapore counsel to the company.
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