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IOC to expand Chennai refinery in JV with CPCL; to spend Rs 31,500 cr

IOC holds a 51.89 percent stake in CPCL. The expansion was to originally cost Rs 27,460 crore but is now estimated to cost Rs 31,500 crore. He said the project will be funded in a 2:1 debt-equity ratio.

January 30, 2021 / 12:11 PM IST
Source: Reuters

Source: Reuters

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Indian Oil Corporation (IOC) will expand its Chennai refinery at a cost of Rs 31,500 crore through a joint venture with its subsidiary and strategic financial investors, Chairman Shrikant Madhav Vaidya said on Friday.

IOC and its subsidiary Chennai Petroleum Corporation Ltd (CPCL) will hold a 25 percent stake each in the joint venture that will set up the 9 million tonnes a year refinery.

The remaining 50 percent equity would be with financial investors, he told reporters here.

"The board of the company at its meeting today (Friday) approved setting up a grassroots 9 million tonnes a year refinery at Nagapattinam in Tamil Nadu," he said adding that the unit will be built in 48 months from investment approval.