HPCL to invest ₹12000 crore in capital expansion this fiscal

MUMBAI : State-run Hindustan Petroleum Corporation Ltd (HPCL) will invest ₹12000 crore in capital expansion during the current fiscal. The refiner said it has not revised its capex downward despite the covid-19 impact on the company.

“We are would be spending ₹12000 crore towards capital expenditure. For new projects, we will be prioritizing or phasing them out. Our major vizag and Mumbai refinery expansions are in advanced stage and we would be commissioning them this fiscal. So there is no major change to capex,” said M K Surance, chairman and managing director, HPCL.

Of the ₹12000 crore, HPCL will spend ₹7000 crore in refinery and ₹5000 crore in marketing.