HPCL to invest Rs 61,000 crore by 2021
By Express News Service | Published: 17th July 2017 09:19 AM |
NEW DELHI: As part of its efforts to meet Euro-VI emission norms, state-owned Hindustan Petroleum Corporation (HPCL) will invest Rs 61,000 crore over the next four years to expand and upgrade its existing refining capacity, the company said.
HPCL is upgrading both its Mumbai and Visakh refineries to produce fuel meeting Euro-VI emission norms. It will invest Rs 20,928 crore in expanding its Visakh refinery in Andhra Pradesh from 8.33 million tonnes per annum to 15 million tonnes by July 2020.
Also, the Mumbai refinery is being expanded to 9.5 million tonnes a year from 7.5 million tonnes at present at a cost of Rs 4,199 crore.
The investment plans are irrespective of the proposal by Oil and Natural Gas Corporation (ONGC), a public-sector enterprise, to buy out the government’s 51.11 per cent stake in HPCL. Since HPCL will turn into a subsidiary of ONGC, if the proposal gets government nod, the investment plans would not change, said an official.