State-owned oil marketer HPCL has drawn up investment plans of Rs 7110 crore for business growth in the current fiscal.
The company, which is being merged with exploration giant ONGC, has also planned capex of Rs 61,000 crore for capacity expansion over the next five years.
While the capex stood at Rs 5860 crore in the last fiscal, it is expected to be Rs 7110 crore this financial year.
“With a huge potential of growth amidst rising energy demand and due to low per capita consumption base, the oil and gas sector is poised for an exciting and challenging future,” HPCL chairman and managing director M K Surana told reporters here post the company’s annual general meeting.
“We are adapting to this changing energy mix and are well positioned to create value for all the stake-holders in the future with a capex of over Rs 61,000 crore over the next five years,” he added. Read More…