HPCL Invests Big in Refining and Green Fuel Ecosystem, Signs Agreements
Key Ideas
- HPCL invested Rs. 3,771 crore in Q2FY25 to enhance refining and marketing infrastructure, totaling Rs. 6,588 crore for Apr-Sep 2024.
- Visakh Refinery commissioned as the first Green Hydrogen Plant in India, producing 370 tonnes/year, sourced 3MW of green power locally.
- Signed MoUs with Mumbai Port Authorities, Mumbai Port Sustainability Foundation, and MAHAGENCO Renewable Energy Limited for Green Fuel Ecosystem collaboration.
- Financially positive quarter for HPCL with significant investments and green energy initiatives for sustainable growth.
Hindustan Petroleum Corporation Limited (HPCL) made a significant investment of Rs. 3,771 crore in Q2FY25 to boost its refining and marketing infrastructure. This investment was part of a larger sum of Rs. 6,588 crore invested by HPCL during the April-September quarter of fiscal year 2025. The company aimed to strengthen its operations by investing in joint venture and subsidiary companies. Moreover, HPCL's Visakh Refinery achieved a milestone by becoming the first Green Hydrogen Plant in an Indian refinery, capable of producing 370 tonnes of Green Hydrogen annually and sourcing 3 megawatts of green power from local distribution companies. Additionally, HPCL signed several agreements to further its green energy initiatives. They signed a Memorandum of Understanding with the Mumbai Port Authorities and the Mumbai Port Sustainability Foundation to develop a Green Fuel Ecosystem at the Mumbai port. Furthermore, HPCL's subsidiary, HPCL Renewable & Green Energy Ltd., partnered with MAHAGENCO Renewable Energy Limited for collaboration in Green Hydrogen and Renewable Energy sectors. The financial results for HPCL portrayed a positive outlook with substantial investments and green energy projects contributing to sustainable growth.