InvestorQ : Where is Chennai Petro planning to set up its refining JV with IOCL?
Khushi Patel made post

Where is Chennai Petro planning to set up its refining JV with IOCL?

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Dhwani Mehta answered.
2 months ago
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Chennai Petroleum, which is a subsidiary of Indian Oil Corporation (IOC) has now formed a joint venture with its parent IOCL to build a 9 MMTPA (million metric tonnes per annum) capacity refinery in Tamil Nadu. The total investment outlay entailed in the project is around Rs31,580 crore. The new refinery will be based in the Cauvery Basin at Nagapattinam in the state of Tamil Nadu.

Chennai Petro already has an existing 1 MMTPA refinery here, which will be fully scrapped and the new refinery with 9 MMTPA capacity will come on top of that . Chennai Petro will hold 25% stake in the new refinery and it will infuse a total investment of Rs2,570 crore. The balance investment will come from its parent company, Indian Oil Corporation, with seed participation from a slew of marquee domestic investors which includes Axis Bank, HDFC Life Insurance, ICICI Bank, ICICI Pru Life Insurance and SBI Life Insurance.
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