HPCL mulls investment of over Rs 20,000 crore for greenfield refinery project in Maharashtra

To overcome the limitations of expanding its existing refinery in Mumbai, state-run Hindustan Petroleum Corporation (HPCL) plans to invest Rs 20,000 crore to set up a greenfield project in Raigad or Ratnagiri districts of Maharashtra, to refine 9-15 mln tpa of crude oil. Konkan is the preferred location as compared to Gujarat and Andhra Pradesh as it will be a natural expansion of the 6.5 mln tpa refinery located in Mumbai. The proposed refinery will be developed on a debt-equity ratio of 1:2 or 1:2.5. Additionally, HPCL plans to develop commercial complexes around the refinery in the Chembur-Mahul region. HPCL has also sought incentives, including sales tax benefits and sops on the lines of those given by Gujarat to Reliance Industries and by Orissa for the Paradip refinery being developed by the Indian Oil Corporation.
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