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CPCL gets nod to wind up National Aromatics and Petrochemicals Corporation

Thursday, 25 Jun 2020

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The Board of Directors of the Indian Oil Corporation (IOCL) has accorded approval to the proposal of Chennai Petroleum Corporation (CPCL) for initiating the winding up process and related activities thereto in respect of the National Aromatics and Petrochemicals Corporation (AROCHEM).

AROCHEM is one of the joint ventures between CPCL and the Southern Petrochemical Industries Corporation (SPIC).

The Chennai Petroleum Corporation (CPCL) and the Southern Petrochemicals Industries Corporation (SPIC) had entered into memorandum of understanding (MoU) for forming a joint venture company, namely the National Aromatics and Petrochemicals Corporation (AROCHEM) for manufacture of PTA/ PFY products, at Manali, Chennai. AROCHEM was incorporated on 10 May 1989 to execute the project.

The project could not take-off due to various issues between the promoters.

The proposal for winding up of AROCHEM was earlier recommended by the Board of CPCL to the Board of Indian Oil Corporation (IOCL), the holding company, for approval, at its meeting held on 18 January 2020.