Indian Oil Corporation (IOC) will extend its Chennai processing plant at an expense of Rs 31,500 crore through a joint endeavor with its auxiliary and vital monetary financial specialists, Chairman Shrikant Madhav Vaidya said on Friday.
IOC and its auxiliary Chennai Petroleum Corporation Ltd (CPCL) will hold a 25 percent stake each in the joint endeavor that will set up the 9 million tons per year processing plant. The excess 50% value would be with financial investors, he told journalists 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. The unit will be built four years from approval of investment.
