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

30 Nov 2022 , 01:34 AM

ICICI Bank has entered into an agreement dated 23 November 2022 in relation to an initial investment of Rs 50000 in the seed equity capital of the proposed Joint Venture JV of Indian Oil Corporation IOCL and Chennai Petroleum Corporation CPCL target entity The target entity will be implementing 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 Refinery shall produce petroleum products including MS Petrol HSD Diesel LPG etc and petrochemical products such as polypropylene ICICI Bank will subscribe 10Percentage of total paid up capital of the target entity