IOC drops plans to merge Chen­nai Pe­tro­leum with self

Business Standard - - COMPANIES -

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.

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