Board of Chennai Petroleum approves formation of JV for implementing 9 MMTPA refinery project.

The Board of Directors of Chennai Petroleum Corporation (CPCL), at its meeting held on 22 August 2022 considered and approved the proposal 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 also accorded approval for equity investment of up to Rs. 2570 by CPCL in the joint venture, towards CPCL's contribution of 25%.

BS