Board of Chennai Petroleum approves formation of JV for implementing 9 MMTPA refinery project

25 Aug 2022 , 01:32 AM

The Board of Directors of Chennai Petroleum Corporation CPCL at its meeting held on 22 August 2022 considered and approved the proposal for formation of a Joint Venture Company amongst Chennai Petroleum Corporation Indian Oil Corporation and Other Seed Equity Investors viz Axis Bank HDFC Life Insurance Company ICICI Bank ICICI Prudential Life Insurance Company and SBI Life Insurance Company for implementing the 9 MMTPA Refinery Project at Cauvery Basin Refinery Nagapattinam District at an estimated cost of Rs31580 crore Further the Board of Directors of the company also accorded approval for equity investment of up to Rs 2570 by CPCL in the joint venture towards CPCLs contribution of 25Percentage