Investment approval for 9 MMTPA Refinery Project at CBR Nagapattinam by CPCL

 29th January 2021

The Board of IndianOil at its meeting held on 29" January 2021 accorded approval for implementation of 9 MMTPA refinery at Cauvery Basin, Nagapattinam in Tamil Nadu by IndianOil's subsidiary company, Chennai Petroleum Corporation Limited (CPCL) at an estimated cost of Rs. 29,361 crore, to meet the demand of petroleum products in southern India. 

 The Board has also accorded ‘In Principle’ approval for formation of a joint venture between IndianOil and CPCL with equity holding of 50% (i.e. 25% each in the Joint Venture) and balance to be held by financial / strategic / public investors to be identified later, for implementation of the project, subject to approval of Niti Aayog and other statutory approvals. 

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