News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

This article was first published 17 years ago
Rediff.com  » Business » HPCL to invest Rs 900 cr for retail spread: Deora

HPCL to invest Rs 900 cr for retail spread: Deora

Source: PTI
July 25, 2006 13:26 IST
Get Rediff News in your Inbox:

Hindustan Petroleum Corporation Ltd will invest over Rs 900 crore (Rs 9 billion) on expansion and modernisation of its retail network in 2006-07, Petroleum Minister Murli Deora said on Tuesday.

"The company plans to set up 800 new retail outlets (petrol pumps) during 2006-07," he said in a written reply to a question in Rajya Sabha.

HPCL will invest Rs 155 crore (Rs 1.55 billion) in setting up new petrol pumps and Rs 174 crore (Rs 1.74 billion) in modernisation/upgrade of existing outlets, he said.

Another Rs 217 crore (Rs 2.17 billion) would be spend on automation of retail outlets, Rs 175 crore (Rs 1.75 billion) on procurement of equipment and Rs 197 crore (Rs 1.97 billion) on auto LPG and vapour recovery units, he said.

"HPCL plans to invest Rs 918 crore (Rs 9.18 billion) on retail outlets during 2006-07," he said.

ONGC: To another question, Deora said Oil and Natural Gas Corporation would set up a Special Purpose Vehicle -- Mangalore Petrochemicals Ltd -- for implementation of an Aromatics complex at Mangalore Special Economic Zone at an estimated cost of Rs 4,852 crore (Rs 48.52 billion).

"In addition, they plan for an olefin project in the Mangalore special economic zone. The feedstock would be aromatic rich naphtha stream from the existing Mangalore Refinery and Petrochemicals Ltd and its proposed extension unit," he said.

ONGC would have 46 per cent stake in the proposed SPV while its subsidiary MRPL would hold 3 per cent. The remaining 51 per cent equity would be offered to financial institutions and banks.

Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group

Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 

Moneywiz Live!