Indian Oil, Chennai Petroleum Ink JV Agreement For Rs 31,580 Crore Refinery And Petrochemicals Project In Tamil Nadu
Pic Via TwitterIndian Oil Corporation Limited (IOCL), Chennai Petroleum Corporation (CPCL), and seed equity partners have signed a joint venture agreement for the upcoming grassroot 9 million metric tonne per annum (MMTPA) refinery and petrochemicals projects at Nagapattinam in Tamil Nadu.
The project is likely to see an investment of over Rs 31,500 crore.
Indian Oil and CPCL will together hold 50 per cent of equity stake (25 per cent each) in the Joint Venture Company (JVC) and the balance 50 per cent stake would be held by financial/strategic Investors, to be identified at a later stage, the company said in a statement.
Pending onboarding ofthe financial/strategic investor, the JVC is being incorporated with the two promoters, Indian Oil 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 company said.
The project would resuit in substantial socio-economic benefit to the country ingeneral, and more specifically to the state of Tamil Nadu, it added.
An Appeal...
Dear Reader,
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.
