ICICI Bank has entered into an agreement on November 23, 2022 in relation to an initial investment in the seed equity capital of the proposed Joint Venture (JV) of Indian Oil Corporation (IOCL) and Chennai Petroleum Corporation (CPCL) (Target entity) (to be incorporated).
Target entity will be a proposed Joint Venture Company of IOCL and CPCL (the Promoters) for implementing a 9 MMTPA refinery at Nagapattinam, Tamil Nadu in which IOCL and CPCL shall together hold 50% equity stake (25% 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.
The Target entity is initially proposed to be incorporated through seed capital of Rs 5 lakh, in which the Acquirer, ICICI Bank will subscribe 10% of total paid up capital of the Target entity.
ICICI Bank is a leading private sector bank in India.
