Hindustan Petroleum Corporation (HPCL) is aiming to invest around Rs 74,000 crore over the next five years to expand capacity. The company plans to invest around Rs 14,900 crore in the current fiscal.
The company, which owns and operates three refineries, has undertaken capacity expansion at refineries at Visakhapatnam and Mumbai. The modernisation of the Visakhapatnam refinery will enhance capacity from 8.33 million tonnes (mt) to 15 mt. The capacity of the Mumbai refinery is also being enhanced from 7.5 mt to 9.5 mt. On completion of these projects it will enhance profitability and will have the capability to produce BS-VI fuels.
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.