Axis Bank and ICICI Bank increase their ownership of the refinery owned by Indian Oils.

ICICI Bank and Axis Bank announced they had acquired a stake in the proposed joint venture between Indian Oil Corporation and Chennai Petroleum Corporation . Chennai Petroleum increased over 5% intraday .

Chennai Petroleum shares also reported brisk buying today after private sector lenders ICICI Bank and Axis Bank announced that they had acquired a stake in the proposed joint venture between Indian Oil Corporation and Chennai Petroleum Corporation, according to a BSE filing.ICICI Bank will subscribe to 10% of the total paid-up capital of the joint venture at a cost of Rs 50,000, according to a BSE filing.In a similar filing, Axis Bank confirmed that it would acquire a 5% stake in the joint venture, which will build a 9-MMTPA refinery at Nagapattinam, Tamil Nadu, at a cost of Rs 50,000.Chennai Petroleum increased over 5% intraday.Axis Bank, ICICI Bank, and ICICI Prudential also increased in the range of 0-1 percent.Featured Video Of The DayIndia's Industrial Production grew 3.1% in September.

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