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ICICI Bank to acquire 10% stake in 9MMTPA refinery JV of IOCL and CPCL

ICICI Bank will subscribe 10% of total paid up capital of the target entity

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ICICI Bank  | IOCL | CPCL

Capital Market 



ICICI Bank
ICICI Bank will subscribe 10% of total paid up capital of the target entity

has entered into an agreement dated 23 November 2022 in relation to an initial investment of Rs 50,000 in the seed equity capital of the proposed Joint Venture (JV) of Indian Oil Corporation (IOCL) and Chennai Petroleum Corporation (CPCL) (target entity).

The target entity will be implementing a 9 MMTPA refinery at Nagapattinam, Tamil Nadu in which and shall together hold 50% equity stake (25% each) and balance would be held by other JV partners. Refinery shall produce petroleum products including MS (Petrol), HSD (Diesel), LPG, etc. and petrochemical products such as polypropylene.

will subscribe 10% of total paid up capital of the target entity.

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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First Published: Thu, November 24 2022. 12:17 IST

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