HDFC Life Insurance Company Ltd.

HDFC Life Insurance Company has entered into an agreement dated 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 HDFC Life, acquirer will subscribe 11% of the total paid?up capital of the Target entity. HDFC Life as seed equity investor does not have any obligation to fund the future equity requirement of the Project, beyond initial seed capital contribution of Rs 55,000.

HDFC Life Insurance Company is one of the leading life insurance companies in India offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings & Investment and Health, along with Children's and Women's Plan.