Chennai Petroleum Corporation (CPCL,), Indian Oil Corporation Limited (IOCL) and seed equity partners have signed a Joint Venture Agreement for the upcoming grass root 9 MMTPA Refinery and Petrochemicals Project at Nagapattinam in Tamilnadu. IndianOil and CPCL will together hold 50% of Equity Stake (25% each) in the Joint Venture Company (JVC) and the balance 50% stake would be held by Financial/Strategic Investors, to be identified at a later stage. Pending onboarding of the Financial/Strategic investor, the JVC is being incorporated with the two promoters, IndianOil and CPCL.