Indian Oil Corporation (IOC) is planning to expand its Chennai refinery at a cost of Rs 31,500 crore through a joint venture (JV) with its subsidiary and strategic financial investors. IOC and its subsidiary Chennai Petroleum Corporation (CPCL) will hold a 25 percent stake each in the joint venture that will set up the 9 million tonnes a year refinery. The remaining 50 percent equity would be with financial investors.
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.
