CPCL-IOCL sign Joint Venture Agreement for 9 MMPTA Refinery Project at Nagapattinam

Chennai Petroleum Corporation (CPCL), Indian Oil Corporation Limited (IOCL) and seed equity partners have signed a Joint Venture Agreement for the upcoming grass root 9 MMTPA Refinery and Petrochemicals Project at Nagapattinam in Tamilnadu.

In the presence of Mr.S.M. Vaidya, Chairman, IOCL, Mr.Arvind Kumar, Managing Director, CPCL, Mr. V. Satish Kumar, Director (Marketing), Ms.Sukla Mistry Director (Refineries), IOCL., Mr.Rajeev Ailawadi, Director (Finance), CPCL and senior officials of CPCL and IOCL, the Joint Venture agreement was signed by Mr.H.Shankar, Director (Technical), CPCL and Mr.Rajiv Kacker, Exccutive Director (Prajects), RHQ, IOCL, in New Delhi on 23.11.2022. Representatives from the other Seed Equity Partners, including Axis Bank and ICICI Bank, SBI CAPS, the financial advisory, were also present on the occasion.

IndianOil and CPCL will together hold 50% of Equity Stake (25% each) in the Joint Venture Company (JVC) and the balance 50% stake would be held by Financial/Strategic Investors, to be identified at a later stage. Pending onboarding of the Financial/Strategic investor, the JVC is being incorporated with the two promoters, IndianOil and CPCL.

The Rs.31,580 Crore refinery complex will cater to the petroleum products demand of the Southern region of India and provide impetus for economic development of the region. The project would resuit in substantial socio-economic benefit to the country in general, and more specifically to the State of Tamilnadu.

Shares of Chennai Petroleum Corporation Limited was last trading in BSE at Rs. 199.50 as compared to the previous close of Rs. 191.50. The total number of shares traded during the day was 146992 in over 3396 trades.

The stock hit an intraday high of Rs. 205.85 and intraday low of 192.60. The net turnover during the day was Rs. 29530685.00.

Shares of Indian Oil Corporation Limited was last trading in BSE at Rs. 72.05 as compared to the previous close of Rs. 69.90. The total number of shares traded during the day was 3901419 in over 13438 trades.

The stock hit an intraday high of Rs. 72.65 and intraday low of 69.90. The net turnover during the day was Rs. 279902955.00.

Source : Equity Bulls

Keywords

ChennaiPetroleumCorporation CPCL IndianOilCorporation IOCL Agreement Nagappatinam PetrochemicalsProject Refinery