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Corporate News
29-Jan-21
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Board of Indian Oil accords investment approval for refinery in Nagapattinam, TN
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At meeting held on 29 January 2021
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The Board of Indian Oil Corporation at its meeting held on 29 January 2021 has accorded its approval for implementation of 9 MMTPA refinery at Cauvery Basin, Nagapattinam in Tamil Nadu
by company's subsidiary, Chennai Petroleum Corporation (CPCL) at an estimated cost of Rs. 29,361 crore, to meet the demand of petroleum products in southern India.
The Board also has accorded ‘In Principle' approval for formation of a joint venture between
Indian Oil and CPCL with equity holding of 50% (i.e. 25% each in the Joint Venture) and balance to
be held by financial / strategic / public investors to be identified later, for implementation of the
project, subject to approval of Niti Aayog and other statutory approvals.
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