HPCL plans to raise US$300 mln to fund expansion

27-Jul-11

In a bid to primarily fund expansion activities at existing and new refinery projects, Hindustan Petroleum Corporation (HPCL) plans to raise US$300 mln in the second half of the current fiscal. Bank of Tokyo-Mitsubishi UFJ, State Bank of India and SumitomoMitsui Banking have been appointed as advisors. HPCL is planning to build a new 9-15 mln tpa greenfield refinery project in Maharashtra for which it has identified 3,000 acres in the Lote-Parshuram industrial area and awaits state government clearances for land allocation. It is also in the process of reviving its US$10 bln refinery-cum-petrochemical project in Visakhapatnam and is in talks with various firms such as Mittal Energy to enter into a joint venture partnership.