• IOC sought details about Cuddalore unit, says Nagarjuna Oil

    Hyderabad-based Nagarjuna Oil Refinery Ltd has said that Indian Oil Corp (IOC) sought information on the upcoming Cuddalore refinery for making a possible equity investment but the state-owned firm said there was no such proposal under consideration at present.

    “Various prospective investors including public sector companies such as IOC have sought information on the project,” Nagarjuna Oil said in a stock exchange filing. “These prospective investors have been provided with the information sought from time to time.”

    IOC, however, in a statement said, reports of it being interested in stake in the Cuddalore refinery is speculative and “there is no such proposal under consideration by Indian Oil at present”.

    Highly placed sources yesterday said that IOC was talking to Nagarjuna Oil.

    The move followed talks by Singapore-based Netoil to buy a stake in Nagarjuna Oil Corp (NOCL) broke off in February this year.

    Nagarjuna Oil Refinery Ltd (NORL) holds 46.78 per cent of the equity share capital of Nagarjuna Oil Corporation (NOCL). Tatas too are a shareholder in the refinery.

    Nagarjuna Oil Refinery had in September year stated that a confirmatory due diligence of NOCL was being undertaken by Netoil to acquire the project for Rs 3,600 crore.

    The six million tonnes refinery is the first phase of a Rs 25,000 crore project that will have an ultimate capacity of 12 million tonnes.

    The project was delayed due to damages caused by a cyclone some years back as well as funding problems due to global economic slowdown later. 

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