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20-09-2013

Cabinet approves Hindustan Petroleum Corporation's refinery in Rajasthan

The Union Cabinet today approved the proposal of state-run fuel retailer, Hindustan Petroleum Corporation Limited (HPCL) to set up a 9 MMTPA greenfield Refinery cum Petrochemical Complex in Barmer District of Rajasthan. The proposed refinery, which will be set up in Joint Venture (JV) with Government of Rajasthan under the name HPCL-Rajasthan Refinery Limited(HRRL), will be a subsidiary of HPCL. In the JV, HPCL will hold a majority stake of 74 per cent, while the remaining stake of 26 per cent will be owned by the Government of Rajasthan. The cost of the project is estimated at Rs 37,230 crore. The project cost is proposed to be sourced with a debt/equity ratio of 1.5:1. Total equity component is Rs14,892 crore and debt is Rs 22,338 crore. HPCL’s equity contribution is Rs11,020 crore at 74 per cent equity and Govt. of Rajasthan’s equity contribution is Rs 3,872 crore at 26 per cent.

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