financetom
Economy
financetom
/
Economy
/
HPCL lines up Rs 75,000 crore capex for next five years
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
HPCL lines up Rs 75,000 crore capex for next five years
Aug 30, 2018 8:42 PM

The ONGC-run Hindustan Petroleum (HPCL) on Thursday said it will invest around Rs 75,000 crore towards capex over the next five years, of which around Rs 8,425 crore will be invested this financial year.

Most of the capex will be spent on capacity expansion both in greenfield and brownfield projects, the company chairman and managing director M K Surana told reporters at a post AGM press meet this evening.

"We have lined up capex plans of Rs 75,000 crore for the next five years. On an average we have been investing around Rs 6,000 crore per annum in capital expenditure. But during the current fiscal we are investing Rs 8,425 crore as we are coasting along to complete the expansion of our capacities at Vizag and Mumbai refineries at a faster clip," the chairman said.

Most of the announced capex will go into the over Rs 43,000 crore new refinery coming up in Rajasthan and the over Rs 22,000 crore expansion of Vizag facility, he said.

As to the current year's capital spending, finance director J Ramaswamy told PTI that around Rs 3,000 crore will go into these brownfield expansions and over Rs 1,000 crore into procuring LPG cylinders and an equal amount into marketing and other business development activities.

First Published:Aug 31, 2018 5:42 AM IST

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
UP tables supplementary demand of ₹28,760 crore
UP tables supplementary demand of ₹28,760 crore
Nov 29, 2023
The budget was presented in the legislative assembly by Finance Minister Suresh Khanna on the second day of the ongoing winter session. The finance minister said that of the supplementary budget, the expenditure on the revenue account is ₹19,046 crore and the capital account expenditure is ₹9,714 crore.
India Q2 GDP preview: Growth seen at 7%, above RBI forecast
India Q2 GDP preview: Growth seen at 7%, above RBI forecast
Nov 30, 2023
According to the CNBC-TV18 poll, overall GDP is seen growing by 7.03% against a growth of 7.8% in the first quarter and 6.2% in the year-ago period, due to a weak base. Agriculture is expected to contribute a mere 2.7% to the overall growth, as opposed to 3.5% in the preceding quarter. 
Zoomed Out | Balancing Trade and Climate Goals — these are the impacts of EU’s Carbon Border Adjustment Mechanism on India
Zoomed Out | Balancing Trade and Climate Goals — these are the impacts of EU’s Carbon Border Adjustment Mechanism on India
Nov 30, 2023
The EU’s Carbon Border Adjustment Mechanism is a significant development in the global effort to combat climate change. It has the potential to impact India’s trade dynamics and industries, with the aim of levelling the playing field in terms of carbon costs, observes SW India's Ankur Gupta and Samyak Jain.
Saudi Arabia extends the term of its $3 billion deposit with Pakistan's central bank
Saudi Arabia extends the term of its $3 billion deposit with Pakistan's central bank
Nov 29, 2023
The agreement of the $3 billion deposit was initially signed through the Saudi Fund Development with the State Bank of Pakistan in the year 2021 and rolled over subsequently in 2022, after the issuance of the royal directives that reflect the continuation of the close relationship between the two brotherly countries, as reported by PTI.
Copyright 2023-2025 - www.financetom.com All Rights Reserved