ICICI Bank to acquire 10% stake in refinery JV of IOCL, CPCL

ICICI Bank has is to invest INR 50,000 in the equity capital of the proposed Joint Venture (JV) of Indian Oil Corporation (IOCL) and Chennai Petroleum Corporation (CPCL). The JV will be implementing a 9 MMTPA refinery at Nagapattinam, Tamil Nadu in which IOCL and CPCL shall together hold 50% equity stake (25% each) and balance would be held by other JV partners. The refinery shall produce petroleum products including MS (Petrol), HSD (Diesel), LPG, etc. and petrochemical products such as polypropylene. ICICI Bank will subscribe 10% of total paid up capital of the target entity.