HPCL will invest Rs20,928 crore in expanding its Visakh refinery in Andhra Pradesh from 8.33 million tonnes per annum to 15 million tonnes by July 2020. Also, the Mumbai refinery is being expanded to 9.5 million tonnes a year from current 7.5 million tonnes at a cost of Rs4,199 crore. Of the Rs61,000 crore to be invested till 2021, Rs23,400 crore will be in refining, Rs23,600 crore in marketing infrastructure and another Rs13,000 crore in joint venture projects. Besides the two refineries at Mumbai and Visakh, HPCL owns 14,412 petrol pumps and 4,532 LPG distributor agencies in the country. HPCL said its borrowings have come down to Rs21,250 crore as on March 2017 from Rs33,789 crore in March 2013.

Source: Mint July 16, 2017 12:00 UTC