State-owned Indian Oil Corporation (IOC) is planning to buy equity stake in its 6 million tonnes a year Cuddalore refinery. IOC has held preliminary discussions on a possible equity stake in the project. The move follows talks by Singapore-based Netoil to buy a stake in Nagarjuna Oil Corp (NOCL) broke off in February this year.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.