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HPCL proposes to borrow Rs 8,000 cr to fund expansion

Wednesday, 22 May 2019
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Hindustan Petroleum Corporation (HPCL) is planning to borrow around Rs 8,000 crore in 2019-20 to fund its expansion plan. HPCL has shareholders’ approval for raising Rs 12,000 crore in debt but will borrow much less using a mix of various instruments such as foreign currency bonds and bank loans.

In FY19, the company borrowed around Rs 6,000 crore, split evenly between short-term and long-term loans. HPCL has a capex plan of Rs 14,000 crore in FY20, which will mostly go into expanding and upgrading its refineries in Mumbai and Visakhapatnam, and building pipeline.

The company is yet to finalise the time or size of borrowings, the planned fund-raising of Rs 7,000-8,000 crore does not include borrowing plans of subsidiaries.

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