"Chennai Petroleum Corporation is not a sick company. The present networth of the company is Rs 2,322 crore, which is more than 50 per cent of its (total) networth (as of March 2014)," he told shareholders at the company's 48th Annual General Meeting here.
"As a company, it will not be referred to BIFR. But, we will give them a report based on the results of last (financial) year. At that point of time, it (the networth of the company) was Rs 1,700 crore. We are also equally concerned (like you). All efforts are being made...," he said.
"These projects are necessary as it will help to improve the bottomline of the company. Moreover, we have to lay the pipeline as it has been laid several years back. For that, we have to undertake such projects (42" new crude oil pipeline)," he said.
Asked about merger with Indian Oil Corporation, he said, the company was looking at "some issues" before finalising it.
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"Year-on-year you can keep comparing, I have come down on apex last year, next year it would have gone up. We have said that in this current five year plan up to 2016-17, we will be spending Rs 56,500 crore approximately," he said.
Ashok indicated that the company was open to have joint ventures with outside partner. "Yes, certainly. Somebody who has scores of gas wanting to participate (with us) we are open. We are discussing with a lot of people. We have not finalised anything," he said.