IOC in talks to buy stake in Nagarjuna Oil Corporation

The Indian Oil Corporation is in talks to buy an equity stake in the Nagarjuna Group’s refinery Nagarjuna Oil Corporation Limited (NOCL) in Cuddalore, Tamil Nadu. The move follows talks by Singapore-based Netoil to buy a stake in NOCL which were suspended in February 2016. Nagarjuna Oil Refinery Limited holds 46.78 per cent of the equity share capital of NOCL. The Tata Group is also a shareholder in the refinery. The 6 million tonne refinery (mt) is the first phase of the Rs 250 billion project and the eventual capacity of the refinery is slated to be 12 mt. The project was delayed due to damages caused by a cyclone some years ago as well as funding problems due to the subsequent global economic slowdown.

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