The board of Chennai Petroleum Corporation Ltd. (CPCL) has given in-principle approval for the incorporation of a JV with Indian Oil Corporation Ltd. (IOCL) for implementing a 9-MMTPA refinery project in Nagapattinam district of Tamil Nadu. The estimated cost of the joint venture is approximately ₹28,983 crore, said CPCL in a regulatory filing. In the JV, IOCL and CPCL will together hold 50% stake (about 25% stake each) and the balance 50% will be held by a financial/strategic/public investors.