SBI Life to invest in seed equity capital of a refinery project at Nagapattinam, Tamil Nadu.

SBI Life Insurance Company has entered into an agreement on 23 November 2022 in relation to an initial investment of Rs. 50,000 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).

The target entity is 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.

Post investment, SBI Life Insurance Company will hold 10% shareholding in the target entity.

BS