Applications invited for investors to revive Nagarjuna Oil

A Corporate Insolvency Resolution Process has been initiated with regard to NOC under the IBC

An Expression of Interest from investors to revive Nagarjuna Oil Corporation (NOC) has been invited by the Insolvency Resolution Professional appointed by the National Company Law Tribunal (NCLT).

Financial investors — mutual funds, private equity and venture capital funds, domestic or foreign investment institutions and others — may also apply. A Corporate Insolvency Resolution Process has been initiated with regard to NOC under the Insolvency and Bankruptcy Code (IBC).

NOC is currently implementing a six million tonnes per annum (mtpa) petroleum oil refinery project on the southeast coast, at Cuddalore, around 200 km south of Chennai. It was partially complete in December