"The Board of Directors of IOC at the meeting held on September 22 accorded In-principle approval for setting up a new 9 million tonnes per annum refinery at Cauvery Basin, Nagapattinam at an estimated cost of Rs 27,460 crore and for carrying out pre-project activities," IOC said in a regulatory filing.
The final approval of the project would be obtained after preparation of Detailed Feasibility Report of the project.
The planned refinery will be CPCL's third refinery.
It currently operates a 10.5 million tonnes Manali refinery in Tamil Nadu.
It also has a smaller 1 million tonnes Nagapattinam refinery.
CPCL, formerly known as Madras Refineries Ltd, was formed as a joint venture in 1965 between the Government of India, AMOCO and National Iranian Oil Co (NIOC) having a shareholding in the ratio of 74 per cent, 13 per cent, 13 per cent respectively.
Government later disinvested 16.92 per cent of the paid.
The company was listed in 1994.
IOC acquired government stake in 2000-01. IOC currently holds 51.89 per cent stake in CPCL while NIOC holds 15.40 per cent.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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