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ICICI Bank 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 IOCL and CPCL 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.
ICICI Bank will subscribe 10% of total paid up capital of the target entity.
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First Published: Thu, November 24 2022. 12:17 IST