HDFC Life to acquire 10% stake in proposed refinery at Nagapattinam, Tamil Nadu
Capital MarketHDFC Life Insurance Company has entered into an agreement on 23 November 2022 in relation to an initial investment 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, HDFC Life will hold 10% shareholding in the target entity through acquisition of 5,500 equity shares of face value Rs. 10 each.
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