ICICI Bank to buy 10% stake in JV between Indian Oil, Chennai Petroleum

ICICI Bank is set to buy a 10% stake in the proposed oil refining joint venture between Indian Oil Corporation Ltd (IOCL) and Chennai Petroleum Corporation Ltd (CPCL). The proposed joint venture plans to establish a petroleum refinery in Tamil Nadu's Nagapattinam, according to bank's exchange filing. IOCL and CPCL will hold a stake of 25% each in the refinery.