Indian Oil board gives nod for subsidiary to set up Rs 29,000 cr refinery

Sate-owned Indian Oil Corporation’s board has agreed to subsidiary Chennai Petroleum Corporation Ltd (CPCL) setting up a refinery for more than Rs 29,300 crore in Tamil Nadu. The two companies will hold 25 per cent stake each, while the balance will be with other investors.

The 9 MMTPA (Million Metric Tonne Per Annum) refinery will be built at Nagappattinam, with a Polypropylene unit to start with and facility to process crude oil. The process packages have been finalised and a feasibility report completed.

Earlier CPCL said the project would benefit from the land already in possession by CPCL. The proximity