This has reference to earlier intimation dated 29th January 2021 on "IndianOil's Board (Holding Company of CPCL) approving the Proposal of CPCL for implementation of 9 MMTPA refinery at Cauvery Basin, Nagapattinam in Tamil Nadu at an estimated cost of INR 293,610 million, to meet the demand of petroleum products in southern India" alongwith formation of a Joint Venture between IndianOil and CPCL with equity holding of 50% and balance 50% to be held by Financial/Strategic/Public Investors. Thereafter, the Joint Venture Company named "Cauvery Basin Refinery and Petrochemicals Limited" (CBRPL) was incorporated on 6th January 2023. In this regard, the company would like to further inform that the Board of IndianOil (Holding Company of CPCL) at its meeting held on 28th March 2024 has accorded approval for the revision in cost of the CBRPL project from INR 293,610 million to INR 330,230 million.

The Board has also accorded approval for revision in capital structure of Joint Venture with 75% equity from IndianOil and 25% equity from CPCL.