HPCL

PCL forays into petrochemical business, launches HP Durapol

Date: 22nd December 2022 Source: Livemint

Maharatna oil company Hindustan Petroleum Corporation on 22 December announced that it has forayed into the petrochemical business through polymer marketing with the launch of polymer brand -- HP Durapol. HPCL's Secretary for Petroleum and Natural Gas, Pankaj Jain, launched the HPCL's first polymer brand in the presence of HPCL Chairman and Managing Director Push Kumar Joshi. They also inaugurated the brand, logo, product brochure and package for the polymer products. HP Durapol would cover various grades of high-density polyethylene, linear low-density polyethylene and poly propylene, said statement from the ministry of petroleum and natural gas. It added that this pre-marketing would be the pre-cursor to marketing of HPCL Rajasthan Refinery (HRRL) products. According to the statement, HRRL is a 9 million metric tonnes per annum (mmtpa) and 2.4 mmtpa petrochemicals integrated complex. Earlier on 15 December, HPCL approved raising up to ₹10,000 Cr via NCDs on a private placement basis. HPCL stated that it has issued unsecured, redeemable, non-convertible, non-cumulative, taxable debentures of up to ₹10,000 Crores on a private placement basis in the domestic market and/or in the international market from the date of such approval for funding of refinancing of existing borrowings and/or funding of capital expenditure of the issuer, including recoupment of expenditure.

HPCL to raise Rs 10,000 cr in debt to fund oil refining, fuel marketing ops

Date: 15th December 2022 Source: Business Standard

Hindustan Petroleum Corporation Ltd (HPCL) will raise Rs 10,000 crore in debt from domestic or overseas market to fund its oil refining and fuel marketing operations, the company said on Thursday. The board of the company at its meeting on Thursday "approved a proposal for borrowing through further issuance of secured/unsecured redeemable non-convertible debentures/bonds/notes etc. up to Rs 10,000 crore on private placement basis in the domestic market and/or in the overseas market from the date of such approval". In a stock exchange filing, HPCL said the borrowing was within the overall borrowing powers of the company. Separately, the company raised Rs 750 crore through issue of debentures on private placement basis to refinance "existing borowing and/or funding of capial expenditure". The 10-year debenture will carry a coupon rate of 7.54 per cent per annum.