HPCL plans new green energy, lubes subsidiaries

MUMBAI: Hindustan Petroleum Corporation (HPCL) plans to set up new subsidiaries for its renewable energy businesses and lubes business, a move that its top executive said will help the staterun oil marketing firm unlock value, expand balance sheet and generate new revenue streams.

“Our board has approved the formation of a wholly-owned subsidiary for our green businesses,” Pushp Kumar Joshi, chairman and managing director of HPCL, told ET.

The company will include its solar, wind, biofuels and compressed biogas businesses. “Once this company stabilises, we can look at value unlocking through joint ventures or collaborations,” Joshi said.


“We are also planning to carve out a separate subsidiary for our lubes business and look at further options of demerging or listing,” he said. “We are the largest marketer of lubes in India, we have a lubes refinery, so we want to unlock value in this business.”

HPCL aims to establish itself as an integrated energy major, offering products across categories.