Chennai Petroleum Corporation (CPCL), Indian Oil Corporation (IOCL) and seed equity partners have signed a joint venture agreement for the upcoming grass root 9 MMTPA refinery and petrochemicals project at Nagapattinam in Tamilnadu.
IOCL and CPCL will together hold 50% of equity stake (25% each) in the joint venture company (JVC) and the balance 50% stake would be held by financial/strategic investors, to be identified at a later stage.Pending onboarding of the financial/strategic investor, the JVC is being incorporated with the two promoters, IOCL and CPCL.
The Rs 31,580 crore refinery complex will cater to the petroleum products demand of the Southern region of India and provide impetus for economic development of the region.
The project will resuit in substantial socio-economic benefit to the country in general and more specifically to the State of Tamilnadu.
CPCL rose 1.10% to Rs 201.70 and IOCL rose 1.25% to Rs 72.95.
CPCL, one of the leading group companies of IOCL, produces petroleum products, lubricants, and additives.
IOCL is a diversified, integrated energy major with presence in almost all the streams of oil, gas, petrochemicals and alternative energy sources.
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