Denying rumors of it looking at buying a stake in Nagarjuna Group's Cuddalore refinery, Indian Oil Corporation (IOC) said on Friday there is no such proposal under consideration.
"This is with respect to news reports under circulation in the media that Indian Oil Corporation Ltd. is considering buying equity stake in the Cuddalore Refinery of Nagarjuna Oil Corporation. Kindly note that this news item is totally baseless and speculative in nature. There is no such proposal under consideration by IndianOil at present," IOC said in a statement.
Earlier, there were reports in some sections of the media that the state-owned IOC has held preliminary discussions on picking up a stake in Nagarjuna Group's Tamil-Nadu based refinery.
Singapore-based Netoil in February this year, was in talks to buy a stake in the Cuddalore refinery, with a refining capacity of six million tonnes a year, but the talks did not come through.
The IOC in 2002, had declined to take a majority stake in Cuddalore refinery, saying that the country had refining capacity in surplus.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app