HPCL seeks large-scale investment in petrochemical manufacturing capacities: Chairman

State-run Hindustan Petroleum Corporation is actively pursuing large-scale investments to build petrochemical manufacturing capacities through
joint ventures and expanding its petrochemical portfolio said Pushp Kumar Joshi in the company's latest annual report.

HPCL is building India’s first integrated grassroots refinery cum petrochemical complex at Pachpadra in Balotra district of Rajasthan. The refinery called HPCL Rajasthan Refinery Limited (HRRL), is a joint venture company between HPCL and the Government of Rajasthan.


"The Refinery cum Petrochemical Complex has a Petrochemical Intensity Index of 26%, which is the highest in India. The project is in the advanced stage of completion," said PK Joshi.


During the year, your company established a separate strategic business unit (SBU) of petrochemicals to ensure a focused business strategy in expanding the petrochemical portfolio, the company said.

During the fiscal year 2023-24, HPCL also incorporated a wholly-owned subsidiary named ‘HPCL Renewable & Green Energy Ltd. (HPRGE)’ to enhance focus on sustainability, leverage market opportunities and manage risks more effectively. The objective is to expand the footprint in green energy businesses, including biofuels, renewables, green hydrogen, carbon offsets, green mobility
and alternative energy solutions.


The subsidiary has begun supplying renewable energy from its newly commissioned 5 MW solar power project in Jhansi (Uttar Pradesh).

HPCL’s renewable energy portfolio has reached a total capacity of 208 MW. A total of 17,618 HPCL retail outlets have been solarized, the company said adding that initiatives such as battery swapping and energy storage solutions are being pursued to create value and support the transition to cleaner energy alternatives.

"Towards sustainable mobility, your company added 1,773 Electric vehicle (EV) charging facilities, including battery swapping stations, bringing the total to 3,603 retail outlets with EV charging facilities," the company said.