Chennai Petroleum Corporation Ltd to form JV for Cauvery Basin Refinery

The Board of Directors of Chennai Petroleum Corporation Limited (CPCL), at its meeting held on 22.08.2022 considered and approved the Proposal for formation of a Joint Venture Company amongst Chennai Petroleum Corporation Limited, Indian Oil Corporation Limited and Other Seed Equity Investors viz., Axis Bank Limited, HDFC Life Insurance Company Limited, ICICI Bank Limited, ICICI Prudential Life Insurance Company Limited and SBI Life Insurance Company Limited for Implementing the 9 MMTPA Refinery Project at Cauvery Basin Refinery, Nagapattinam District, at an estimated cost of Rs.31,580/- crore (Rupees Thirty One Thousand Five Hundred and Eighty Crore only) (+/- 10% accuracy).

Further, the Board of Directors of CPCL also accorded approval for Equity Investment of upto Rs. 2570/- Crore (+/-10%) by CPCL in the Joint Venture, towards CPCL's contribution of 25%.

Shares of Chennai Petroleum Corporation Limited was last trading in BSE at Rs. 305.95 as compared to the previous close of Rs. 283.20. The total number of shares traded during the day was 667004 in over 10562 trades.

The stock hit an intraday high of Rs. 311.25 and intraday low of 283.10. The net turnover during the day was Rs. 199625228.00.

Source : Equity Bulls

Keywords

ChennaiPetroleumCorporation INE178A01016 CPCL JV CauveryBasinRefinery Nagapattinam 9MMTPA