No Proposal to Merge with IOC as of Now: CPCL

Chennai Petroleum Corporation Ltd, a group company of state-owned Indian Oil Corporation has said on Monday that there is no proposal 'as of now' to merge with its parent company.

"We would like to clarify that as of now, there is no proposal for merger of CPCL with IOCL", CPCL said in a BSE filing.

In its response to a clarification sought by the exchange that it may merge with IOCL, the company said IOC chairman B Ashok "merely" observed that among the various options being examined for improving the performance of CPCL, "the possibilities of merger with IOCL were also being evaluated".

The CPCL scrip was trading at Rs 88, down 2.49 per cent, in the afternoon on the BSE.