The Nagarjuna Group intends to offer stake in Nagarjuna Oil Corporation (NOCL) to the prospective new partner for setting up an oil refinery at Cuddalore in Tamil Nadu.
NOCL is setting up a six-million tonne refinery with controlling stake held by Nagarjuna group. Almost all peripheral facilities - like captive power, port and storages - are either developed through arrangements such as BOT, BOOT or are developed by separate companies in which NOCL holds marginal (“small”) interests. However, the company has not yet decided the details of divesting the shares.