The proposal of Chennai Petroleum Corporation Limited (CPCL) for implementation of 9 MMTPA refinery project at Cauvery Basin Refinery, Nagapattinam through a Joint Venture at an estimated cost of Rs. 29,361 crore has been approved by the Board of Indian Oil Corporation Ltd. (IOCL), the holding company and approving authority at its meeting held on 29th January, 2021.

Further, the proposal of CPCL for formation of a joint venture between IndianOil and CPCL with equity holding of 50% (i.e. 25% each in the joint venture) and balance to be held by financial/strategic/public investors for implementation of the project, is subject to approval of Niti Aayog and other statutory approvals has also been accorded in-principle approval in the above noard meeting of IOCL.