Hindustan Petroleum Corporation (HPCL) has inked a joint venture agreement (JVA) with the Rajasthan government for the upcoming mega petroleum refinery in Barmer at a cost of Rs 43,129 crore. Under the agreement, HPCL will hold 74% stake in the joint venture, HPCL Rajasthan Refinery, while the state government will hold the rest 26%.
HPCL is an Indian state-owned oil and natural gas company with its headquarters at Mumbai, Maharashtra. It has about 25% marketing share in India among PSUs and a strong marketing infrastructure.