Hindustan Petroleum Corporation (HPCL) has incorporated Prize Petroleum Company (PPLL) as its wholly owned subsidiary subsequent to transfer of entire equity shareholding of ICICI Group and HDFC in Prize Petroleum Co. (PPLL) in favour of the company and consequent upon necessary amendments to the Articles of Association of PPCL.
HPCL reported a net loss of Rs 3364.48 crore for the second quarter of the current fiscal as compared to the net profit of Rs 2089.61 crore for the corresponding quarter of the last year. The company’s net sales increased 20.58% at Rs 37030.23 crore for the quarter under review as compared to Rs 30709.73 crore for the second quarter of the previous year.
