Essar Oil questions Rajasthan government's rebates to HPCL

MUMBAI: Essar Oil, which lost its case for tax concessions for its Vadinar refinery, has questioned the Rajasthan government's move to give a generous deal to state-run HPCL's proposed refining unit in Barmer.

The concessions to the refinery merit a CBI probe, Lalit Gupta, MD & CEO, Essar Oil, said after the company said quarterly net profit fell to 71 crore from 105 crore.

"Why is there no CBI inquiry into the huge financial assistance being given to HPCL's refinery in Rajasthan? The Rajasthan government has given an in-principle approval for providing an interest-free loan of 3,736 crore per annum for 15 years, " Gupta said.