Indian Oil board clears Rs 29,000 cr Nagapattinam refinery plan
Chennai: The board of directors of state owned Indian Oil Corporation on Friday cleared an investment of Rs 29,361 crore to construct and implement a 9 million tonne refinery in Nagapattinam through a special purpose vehicle.
Indian Oil and its refining subsidiary CPCL will own 25% each in the SPV while the rest will be held by strategic or financial investors, the company said in a regulatory filing. The project needs regulatory approvals and nod from Niti Aayog, Indian Oil said. CPCL already owns 650 acres in the area as it already has a one million tonne refinery which is operational.
