HPCL nearly uses entire FY20 capex in just nine months
NEW DELHI: Hindustan PetroleumNSE -1.57 % Corporation Limited (HPCL) almost exhausted its entire planned capital expenditure for this financial year in the first nine months, much faster than the average 67% for all state-run oil companies during April-December 2019.
HPCL has a target to spend Rs 9,500 crore in 2019-20 on a range of projects from upgrading its existing refineries in Mumbai and Vizag to setting up a new refinery-cum-petrochemical complex in Rajasthan, adding fuel pipelines and marketing infrastructure. The company has been quick on project execution, spending Rs 9,239 crore by the end of December, about 97% of the annual target.
