Axis Bank to acquire 10Percentage stake in 9MMTPA refinery JV of IOCL and CPCL

30 Nov 2022 , 01:33 AM

Axis Bank has entered into an agreement on 23 November 2022 in relation to an initial investment in the seed equity capital of the proposed Joint Venture JV of Indian Oil Corporation IOCL and Chennai Petroleum Corporation CPCL target entity to be incorporated The target entity is a 9 MMTPA refinery at Nagapattinam Tamil Nadu in which IOCL and CPCL shall together hold 50Percentage equity stake 25Percentage each and balance would be held by other JV partners Post investment Axis Bank will hold 10Percentage shareholding in the target entity through acquisition of 5000 equity shares of face value Rs 10 each