Chennai Petroleum Company superior 4.15% to Rs 318.65 after the corporate’s board authorised the Proposal for formation of a three way partnership firm (JVC) with Indian Oil Company (IOC) and different seed fairness buyers.
The opposite seed fairness buyers embody Axis Financial institution, HDFC Life Insurance coverage Firm, ICICI Financial institution, ICICI Prudential Life Insurance coverage Firm and SBI Life Insurance coverage Firm.
The JVC is being fashioned for Implementing the 9 MMTPA refinery undertaking at Cauvery Basin Refinery, Nagapattinam District, at an estimated price of Rs 31,580 crore.
Additional, the board of CPCL additionally accorded approval for fairness funding of upto Rs 2,570 crore by CPCL within the three way partnership, in the direction of CPCL’s contribution of 25%.
Chennai Petroleum Company (CPCL), one of many main group corporations of Indian Oil company, is among the most complicated refineries of its form within the nation, producing an array of value-added petroleum merchandise. As on 30 June 2022, Indian Oil Company held 51.89% stake in CPCL.
The corporate’s standalone internet revenue surged to Rs 2,358.79 crore in Q1 FY23 as towards Rs 53.73 core in Q1 FY22. Web gross sales surged to 183.6% to Rs 23,162.55 crore in Q1 June 2022 as towards Rs 8,166.46 crore recorded throughout the identical interval within the earlier 12 months.
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(This story has not been edited by Enterprise Customary employees and is auto-generated from a syndicated feed.)
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