Axis Bank to acquire 10% stake in 9MMTPA refinery JV of IOCL and CPCL

Axis Bank has entered into an agreement on 23 November 2022 in relation to an initial investment in the seed equity capital of the proposed Joint Venture (JV) of Indian Oil Corporation (IOCL) and Chennai Petroleum Corporation (CPCL) (target entity) (to be incorporated). The target entity is a 9 MMTPA refinery at Nagapattinam, Tamil Nadu in which IOCL and CPCL shall together hold 50% equity stake (25% each) and balance would be held by other JV partners.

Post investment, Axis Bank will hold 10% shareholding in the target entity through acquisition of 5,000 equity shares of face value Rs. 10 each.

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