Hindustan Petroleum Corporation Limited (HPCL) today on 11 September approved infrastructure investment of ₹ 2212 crore. The company took this decision in the board meeting today on 11 September. Apart from this, the board of the company has also approved the appointment of a new Chief Financial Officer (CFO). Meanwhile, the company’s shares have fallen by 2.86 percent today and the stock closed at Rs 409.60 on BSE. The market cap of the company is Rs 87155 crore.
Where will HPCL make infrastructure investment
HPCL told investors in an exchange filing that the approved funds will be allocated to the Visakh Raipur Pipeline Project. This includes construction of a pipeline from Visakhapatnam to Raipur and setting up a new depot at Kantabanji. The project aims to increase product distribution from the Visakh refinery, reduce placement costs and improve the supply chain in eastern, central and northern India.
HPCL has also updated the cost estimate for its Visakh Refinery Modernisation Project (VRMP) to Rs 30,609 crore, which is now expected to be completed by October 2024. The upgrade will increase the refinery’s capacity to 15 million metric tonnes per annum (MMTPA) and introduce advanced bottom-upgradation facilities.
K Vinod becomes the new CFO
In addition, HPCL has appointed K Vinod as CFO, effective immediately. Vinod was previously the Executive Director of Corporate Finance. He brings over 30 years of finance and strategic expertise in this role.