HPCL to raise Rs 6,000 crore via bonds for expansion
Board of HPCL has approved the fundraising plans, which would now need the approval of shareholders. The bonds will be sold predominantly in overseas market.
By Sanjeev Choudhary, ET Bureau |
BCCL
NEW DELHI: Hindustan Petroleum Corp (HPCL) will raise Rs 6,000 crore via bonds within a year to fund the expansion of its refineries and pipelines, its chairman said.
The board of HPCL has approved the fundraising plans, which would now need the approval of shareholders. The bonds will be sold predominantly in the overseas market.
The money will help finance expansion of the company’s refineries at Vizag and Mumbai, as well the proposed liquefied petroleum gas (LPG) bottling plants and some fuel pipelines, M K Surana, chairman and managing director, of HPCL said.
Surana said the expansion at Vizag refinery to 15 million tonnes per annum, with an oulay of Rs 20,928 crore, was on track. Its refinery at Mumbai has a capacity of 6.5 million tonnes at present.
The board of HPCL has approved the fundraising plans, which would now need the approval of shareholders. The bonds will be sold predominantly in the overseas market.
The money will help finance expansion of the company’s refineries at Vizag and Mumbai, as well the proposed liquefied petroleum gas (LPG) bottling plants and some fuel pipelines, M K Surana, chairman and managing director, of HPCL said.
Surana said the expansion at Vizag refinery to 15 million tonnes per annum, with an oulay of Rs 20,928 crore, was on track. Its refinery at Mumbai has a capacity of 6.5 million tonnes at present.
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