IOC drops plans to merge Chennai Petroleum with self
State-ownedIndianOil Corporation(IOC) hasdropped plans to merge its subsidiary Chen nai Petroleum Corp Ltd (CPCL) withitself, atopcompany officialsaid. IOCholds 51.89 percent stake in C PC Land had planned to merge the company with itself like it had done with another subsidiary, Bong ai ga on Refinery and Petrochemicals Ltd( BR PL ), more thanadecadeago. Butunlike BRPL, C PC L has National Iranian OilCo(NIOC) asashareholder with a 15.40 percent stake. IOC was hoping that N IO C may not invest in expansion of C PC L, givingthestate-ownedretailer areas onto seek the Iranian company’sexit.