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PCL plans to raise USD 300 mln to fund expansion

July 27/2011

(Plastemart) -- In a bid to primarily fund expansion activities at existing and new refinery projects, Hindustan Petroleum Corporation (HPCL) plans to raise USD 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 USD10 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.

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