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HPCL to raise $300 million in the second half of the current fiscal

27 Jul 2011 Evaluate

Hindustan Petroleum Corporation (HPCL) is planning to raise $300 million in the second half of the current fiscal. This capital-raising exercise with a green shoe option is to primarily fund expansion activities at its existing and new refinery projects. The company for this is currently conducting road shows and has appointed Bank of Tokyo-Mitsubishi UFJ, State Bank of India and SumitomoMitsui Banking as advisors.

HPCL is planning to build a new 9-15 MTPA greenfield refinery project in Ratnagiri, Maharashtra. The company has already identified 3,000 acres in the Lote-Parshuram industrial area in Chiplun, Konkan district and is presently waiting for the state government clearances for land allocation.

The company is also in the process of reviving its $10-billion refinery-cum-petrochemical project in Visakhapatnam and is in talks with various firms such as Mittal Energy to enter into a joint venture partnership.

The company’s net profit climbed 48% to Rs 1122.66 crore for the quarter ended March 31, 2011 as compared to Rs 757.53 crore for the quarter ended March 31, 2010. Total Income has increased from Rs 31766.32 crore for the quarter ended March 31, 2010 to Rs 40083.29 crore for the quarter ended March 31, 2011. 

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