The 9 mmta Cauvery Basin Refinery (CBR) project, which would cost Rs 31,580 crore, has been approved by the board of Chennai Petroleum Corporation Ltd. (CPCL), which has agreed to contribute up to Rs 2,570 crore in a joint venture with Indian Oil Corporation Ltd. (IOCL).
According to a filing by CPCL, the board gave the investment of Rs 2,570 crore, which is its contribution toward a 25% share in the venture, approval.
Together with IOC, CPCL is establishing a grassroots refinery in Nagapattinam. Axis Bank, HDFC Life Insurance Co., ICICI Bank, ICICI Prudential Life Insurance Co., and SBI Life Insurance Co. are the other seed equity investors.
