(a) whether the Nagarjun Group in the Private Sector had submitted any proposal to the Indian Oil Corporation Limited for investment in its refineries;
(b) if so, the details of the proposal;
(c) whether the Indian Oil Corporation Limited has rejected the proposal of the Nagarjun Group;
(d) if so, the reasons therefor;
(e) whether the Indian Oil Corporation Limited has started work on any project of increasing its oil refining capacity; and
(f) if so, the details thereof?
MINISTER OF STATE IN THE MINISTRY OF PETROLEUM & NATURAL GAS AND MINISTER OF STATE IN THE MINISTRY OF PARLIAMENTARY AFFAIRS (SHRI SANTOSH KUMAR GANGWAR)
(a) Yes, Sir.
(b) The Nagarjuna Group has sought participation of Indian Oil Corporation Limited (IOCL) in Nagarjuna Oil Corporation Limited (NOCL). The salient features of the proposal are as follows:-
(i) Investment of Rs.200 crore by IOCL as equity in the Cuddalore refinery project.
(ii) Contract for off-take and marketing by IOCL for NOCL production.
(iii) Sharing of tax concessions granted by the State Government to NOCL with IOC.