CPCL Mechanical Engineering Paper2011 | 56043

CPCL Mechanical Engineering Paper2011:

Chennai Petroleum Corporation Limited (CPCL) a Group company of Indian Oil Corporation (IOCL) is an Indian state-owned oil and gas corporation headquartered in Chennai, India. It was formed as a joint venture in 1965 between the Government of India (GOI), AMOCO and National Iranian Oil Company (NIOC), having a shareholding in the ratio 74%: 13%: 13% respectively.

From the grassroots stage CPCL Refinery was set up with an installed capacity of 2.5 million tonnes per annum (MMTPA) in a record time of 27 months at a cost of Rs. 430 million without any time or cost overrun.In 1985, AMOCO disinvested in favour of GOI and the shareholding percentage of GOI and NIOC stood revised at 62% and 15.38% respectively. Later GOI disinvested 16.92% of the paid up capital in favor of Unit Trust of India, mutual funds, insurance companies and banks on 19 May 1992, thereby reducing its holding to 67.7%.

The public issue of CPCL shares at a premium of Rs. 70 (Rs. 90 to FIIs) in 1994 was oversubscribed to an extent of 27 times and added a large shareholder base of over 90000. As a part of the restructuring steps taken up by the Government of India, Indian Oil Corporation Limited (IOCL) acquired equity from GOI in 2000-01. Currently IOC holds 51.88% while NIOC continued its holding at wax and petrochemical feedstocks production facilities.

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