The full-form of HPCL is Hindustan Petroleum Corporation Limited (HPCL). HPCL is an Indian company that sells oil and natural gas.
HPCL Company is headquartered in Mumbai, Maharashtra. The market share of 25% of this company which is in India has been given to the public sector companies.
The first promoter of HPCL is the President of India and its second promoter is Oil and Natural Gas Corporation.
HPCL owns 51.11% and is divided between other financial institutions and other investors. In 2016, the company received 367 one place in the list of 500 Fortune Global.
In 2019 HPCL was removed from the Nifty 50 Index, in the last few days on 24 October 2019, HPCL attained the status of Maharatna.
History Of HPCL
HPCL was acquired by Esso Standard and Lube India Limited in 1974 and was incorporated into the Esso Act 1974 after the merger.
Caltex Oil Refining India Ltd. (CORIL) was taken over by the Government of India, in 1976, CORIL and HPCL were executed, And was merged by HPCL in 1978.
In 1979, the Kosangas Company entered into an Acquisition Act under the Kosangas Company Acquisition Act in 1979. Following a petition in 2003 under the Center for Public Interest Litigation.
High Court of India to ban the privatization of Hindustan Petroleum and Bharat Petroleum, the Central government banned without the approval of MPs. Rajinder Sachar and Prashant Bhushan were appointed to fight their case on behalf of CPIL.
He said that the only way to disinvest in companies would be to abolish those Acts or make some changes in the 1970s. By whom he was nationalized.
Consequently, a majority of both houses would be required to push the government with the help of any privatization.
HPCL has been steadily increasing over the past few years As of 1984-85, March 2013 saw refining capacity increase from 5.5 million metric tons to 14.80 million metric tons.
On the financial front, sales increased from 2687 crores in the year 1984-85 to 6529 crores in the year 2012-13. During the financial year 2013-14, the net profit of the HPCL was Rs 1740 crore.
Operations of HPCL
The HPCL company operates the two major refineries which have a wide variety of petroleum fuels and the specialties, in which one is in the Mumbai(West Coast) OF 7.5 million tonnes per year.
and the other is in Vishakhapatnam (East Coast) which has a capacity of 8.3 million tonnes per year. HPCL can hold an equity stake of 16.95% in the Mangalore Refinery and Petrochemicals Limited (MRPL),
the Mangalore is known as the state-of-the-art refinery with a huge capacity of 9 million tonnes per year.
The other refinery set up in Bhatinda, Punjab by HMEL and it has a capacity of 9 million tonnes per year and it is a joint- venture with Mittal Energy Investment Pt. Ltd.
The HPCL has also signed a memorandum with the Government of Rajasthan for setting up a refinery near the Barmar.
It would also be operated under a joint-venture company (JVC) which is called the – Rajasthan Refinery Limited.
The HPCL has also owned and operates the largest lubricant refinery which produces lube base oils at the international standards, with a huge capacity of 335 TMT which is in India.
This refinery accounts for over 40% of the total lube base oil production in India. In the present day’s the HPCL produces over 300+ lubes, specialties, and the greases.
HPCL consists of 21 zonal offices in major countries and 128 regional offices which facilitated by the supply and the distribution infrastructure comprising terminals as its marketing network. The aviation service facilitates the liquified petroleum gas bottling plants, lube filling plants, and the lube distributorships.
The HPCL has state-of-the-art information technology infrastructure to support the core business. The data center is at the Hi-tech city in Hyderabad.
The Products of HPCL
- Aviation turbine fuel:
These are the main products of (HPCL business).
On the July 19 2017, the acquisition of Hindustan Petroleum Corporation by Oil and Natural Gas Corporation and it was announced by the Government of India.
On November 1, 2017, the Union Cabinet approved ONGC for acquiring the majority of 51.11% stake in Hindustan Petroleum Corporation Limited (HPCL).