Chennai Petroleum Corporation Limited (CPCL) and Indian Oil Corporation Limited (IOCL) will work together to establish a refinery project in the Cauvery Basin Refinery, Nagapattinam, Tamil Nadu, India.
The refinery will have a 9 million tpa of capacity. The project has a polypropylene (PP) unit apart from the refinery complex.
The joint venture will likely cost INR28.983 crore (USD3.8 billion). Both companies will each hold 25% shares in the JV, and the remaining 50% would be held by a strategic/financial/public investor.
