Chennai Petroleum Corporation has received approval 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 Rs 31,580 crore.
Further, the Board of Directors of the company has also accorded approval for equity investment of upto Rs 2570 crore (+/-10%) in the Joint Venture, towards the company’s contribution of 25%.
Chennai Petroleum Corporation is in the business of refining crude oil to produce & supply various petroleum products.
