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The size of the merged oil PSUs will help in acquisitions M K Surana CMD HPCL
MUMBAI. The large size of the new oil sector behemoth that will be created as a result of oil PSUs merger will help in acquisition of overseas assets, M K Surana, Chairman and Managing Director (CMD) of state-owned refiner Hindustan Petroleum Corp (HPCL) tells ET Energy world
We have a plan to use Rs 5,900 crore for this year which includes spending on expansion of Mumbai and Vizag refineries, marketing facilities etc. As far as expansion plans are concerned, as the board has approved it this year the expenditure as of now is less. The project follows an S curve; the initial part involves more of planning, designing and engineering which is not that capital intensive. We have also just received the environmental clearance for the Mumbai refinery. Energy.economictimes
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