Shardul Amarchand Mangaldas advises Chennai Petroleum Corporation Limited and Indian Oil Corporation Limited in relation to setting up a 9 MMTPA green field refinery and petrochemicals project in Tamil Nadu

December 9, 2022

Shardul Amarchand Mangaldas advised Chennai Petroleum Corporation Limited, Indian Oil Corporation Limited, Axis Bank Limited, HDFC Life Insurance Company Limited, ICICI Bank Limited, ICICI Prudential Life Insurance Company Limited, and SBI Life Insurance Company Limited in relation to setting up a 9 MMTPA green field refinery and petrochemicals project at Nagapattinam in Tamil Nadu. The overall project cost is expected to be more than INR 315,800,000,000. The date of signing the joint venture agreement was 23 November, 2022.

The 9 MMTPA refinery is proposed to be set up in an area of about 1,300 acres. The new refinery will produce petrol and diesel of Bharat Stage-VI specifications and polypropylene as a value-added product.

The transaction team was led by V.R. Neelakantan, Partner; Prashant Sirohi, Partner; Sourav Naug, Associate; and Aishwarya Satapathy, Associate.

Axis Bank Limited, HDFC Life Insurance Company Limited, ICICI Bank Limited, ICICI Prudential Life Insurance Company Limited, and SBI Life Insurance Company Limited were advised by their in-house legal team.