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CALS Refineries Limited is a public listed company, listed on the Bombay Stock Exchange (BSE) with the Scrip Code 526652.
CALS in the News
Cals Refineries Rs 1,425-Cr FDI Proposal Referred to Cabinet Panel
 07 Jun 2011, New Delhi

The Foreign Investment Promotion Board (FIPB) has recommended the proposal of Cals Refineries Ltd for Foreign Direct Investment worth Rs 1425 crore for the consideration of the Cabinet Committee on Economic Affairs (CCEA).
Italian tips for Cals Haldia project
 03 Apr 2011, New Delhi

Italy’s Saipem will prepare the feasibility report for Cals Refineries’ proposed facility in Haldia.
Cals Refineries to get Kuwaiti funding
 26 Nov 2010, New Delhi

Kharafi Group will invest $150 million in a 100,000 barrels per day (bpd) coastal refinery being built by Cals Refineries Ltd , the Indian company said on Friday, the first such investment by a Kuwaiti firm
Cash prop for Haldia project
 26 Nov 2010, Calcutta

Kuwait’s Kharafi Group has stepped in to save Bengal’s second refinery project from its financial problems
Cals Refineries signs MoU with BPCL for petro product off-take
 19 Jun 2009, Kolkata

Spice Energy Group company Cals Refineries and Bharat Petroleum Corporation (BPCL), a Navaratna PSU, have signed a memorandum of understanding (MoU) for off-take of petroleum products from Cals.
BPCL in deal to lift Haldia output of Cals
 18 Jun 2009, Kolkata

Bharat Petroleum Corporation will pick up petrol and diesel from Cals Refineries’ proposed 10-million-tonne refinery in Haldia. Cals plans to commission a 5-million-tonne refinery by July 2011 and another similar plant within a year.
Environmental nod for Cals Refineries
 28 May 2009, Kolkata

Cals Refineries, a part of the Spice Energy Group of industries, has received environmental clearance from the Union Ministry of Environment and Forests for its project in Haldia, West Bengal.
State delegates in team to Japan
 19 Mar 2009, Kolkata

West Bengal has been invited by the Centre to be part of a delegation to Japan to attract investments for the three petrochemical, chemical and petroleum investment regions coming up in the country
Japan trip for Nayachar
19 Mar 2009, Calcutta

A state team will travel to Japan and South Korea to net investors for the Nayachar and Haldia chemical hub
Second Cals unit in Haldia
 08 Feb 2009, Calcutta

Delhi-based Cals Refinery is planning to relocate one more refinery to Haldia from abroad
Cals Refineries has ambitious plans
 11 Jul 2008, New Delhi

While there is a lot of buzz surrounding the 27 million tonnes refinery of RIL at Jamnagar, another company is quietly building a refinery almost as big as the RIL refinery. This is Spice Energy's venture at Haldia called Cals Refineries
BP in talks with Indian start-up to supply crude
 25 Mar 2008, Mumbai

Oil major BP Plc (BP.L) is in talks with Indian start-up CALS Refineries Ltd (CALS.BO) to supply crude oil and buy petroleum products, officials at the two firms said on Tuesday.
BP to Spice up refinery
 24 Mar 2008, New Delhi

BP will enter into a strategic agreement to supply crude oil to Spice Energy for the 5-million-tonne refinery at Haldia being set up by CALS Refineries.
Rs 4000-cr plant for Nayachar petro hub
 20 Mar 2008, Kolkata

Cals Refinery on Wednesday signed an MoU with the state for a Rs 4,000-crore oil refinery plant.
CALS to set up refinery projects in West Bengal
 20 Mar 2008, Kolkata

CALS Refinery, a BSE-listed company, proposes to invest Rs. 20,000 crore in three phases to set up refinery projects at Haldia and at the proposed Petroleum, Chemicals and Petrochemical Investment Region (PCPIR) at Nayachar in West Bengal.
CALS signs MoU with WBIDC for Rs 20K cr project
 20 Mar 2008, Kolkata

CALS Refineries — promoted by the Spice group with interests in aviation, construction and hospitality, apart from oil and gas — has signed a memorandum of understanding (MoU) with the West Bengal Industrial Development Corporation (WBIDC) and the Haldia Development Authority (HDA) for a Rs 20,000 crore refinery project in Haldia.
Cals to set up 3 refineries in Bengal at Rs 20k crore
 19 Mar 2008, Kolkata

Cals Refineries, a Delhi-based company, has signed a land deal with two agencies of the West Bengal government for a Rs 20,000-crore plan for three refineries in the port town of Haldia and the Nayachar river island off Haldia, giving a fillip to the state’s plans for a chemical hub.
Cals in talks with BP for crude oil supply
 11 Mar 2008, Mumbai

Spice Energy-promoted Cals Refineries is in talks with the world’s third largest energy company, BP, for a crude supply and product offtake deal.
BP and Spice to break up German refinery and move it to Calcutta
 09 Mar 2008, UK

BP has entered talks with Spice Energy, the group of Indian investors behind a $1bn (£500m) plan to dismantle a refinery in Germany, pack it into containers and ship it to a site near the Indian city of Calcutta.
Anything to declare? Just a refinery - German oil plant to be dismantled, shipped to Haldia and rebuilt
 04 Feb 2008, Calcutta

A fully functional oil refinery in Germany will be dismantled, packed into 3,000 containers, shipped thousands of miles to Haldia and put back together again.
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Company Information
The company is in the process of establishing a 200,000 BPSD (10 MMTPA) refinery at Haldia, West Bengal, India.
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Milestones
  • 06 Jun 2011: FIPB recommends Cals Proposal for FDI worth Rs 1425 crore for CCEA Consideration in their meeting held on 20th May 2011
  • 15 Mar 2011: Signed Agreement with Hardt Group, Austria for Purchase of CENCO and ATAS Refineries and Equity Investment
  • 31 Mar 2010: Entered into tri-partite agreement with Haldia Development Authority and West Bengal Industrial Development Corporation (WBIDC), wherein WBIDC took over the land allotted to the Company and agreed to sub-lease the land to the company on compliance of certain terms and conditions
  • 17 Jun 2009: Cals Refineries signs MoU signed with Bharat Petroleum Corporation (BPCL) for off-take of all products other than those required to be supplied to BP.
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Latest Developments
  • 03-Apr-12, The Managing Director of the Company has attended the hearing pursuant to the summons issued by SEBI and replied to the queries raised by them.
  • 20-Jan-12, The Company has furnished further information about the project and GDR issue to SEBI in response to their Summons dated 12-Jan-12 received on 17-Jan-12.
  • 03-Jan-12, The Company has made a request to SEBI for a reconsideration of its Order dated Dec 30, 2011 and allow it to proceed with issue of GDRs to HARDT group. If the request cannot be accepted the company has requested SEBI for an early completion of investigation of the case and issue of final Order.
  • Following the Personal Hearing held on November 8, 2011, the Company has submitted to the Hon’ble Member, SEBI, a written submission along with all the supporting which were cited during the hearing. Prayed for an immediate dropping of the interim order against the Company and also lifting of the restriction on issuing of further equity(11/11/2011).
  • The Company attended the Personal Hearing before the Honourable Member on November 8, 2011 and reiterated its submissions and refuted the allegations made in the SEBI order dated September 21, 2011.
  • SEBI vide its order dated September 21, 2011 has restrained the Company from proceeding with any Equity issue including any instrument convertible into Equity shares. The Company has appealed against the said order of SEBI and has been accorded a personal hearing on November 8, 2011.
  • Hardt Group is helping the Company by negotiating an EPC contract for implementation of the project. However, pursuant to the SEBI order, the EPC contract will get finalized only after a clarity emerges on issuance of further equity.