IOC, CPCL start working on Rs 31,580-cr refinery project at Nagapattinam

State-run Indian Oil Corporation (IOC) and its subsidiary, Chennai Petroleum Corporation (CPCL), have started working on the Rs 31,580-crore refinery project at Nagapattinam in Tamil Nadu.

While both the companies will hold 25 per cent each in the proposed 9 million tonne per annum (MTPA) refinery, the remaining 50 per cent will be held by a strategic or financial partner, for which talks are already on. The companies have appointed SBI Capital Markets, a subsidiary of the State Bank of India, for providing the financial advisory, debt and quasi equity syndication services for the greenfield project.

SBI Caps is being