Chennai Petroleum Arm will Benefit if Merged with Parent, says Indian Oil
Chairman of Indian Oil Corp stated that, the company would like to merge its subsidiary, Chennai Petroleum Corp with itself as part of the plan of the government to create national oil behemoth by integrating state owned oil firms.
Indian Oil Corp Chairman, B. Ashok, also stated that Chennai petroleum will benefit to a great after integrating with IOC. IOC previously had merged refiner Bongaigaon Refinery and Petroleum Limited as well as IBP Limited with itself. In south India, two refineries are operated by Chennai Petroleum.
Last week, Arun Jaitley stated that, the country has plans to establish a giant national oil company through merging of state firms to compete with global rivals.
There are about twelve state-owned oil firms in India.
B. Ashok also said that, integrating across value chain is certainly a good idea and it would in turn help IOC to leverage in terms of bigger size when compared with international companies.
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