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HPCL to sign MoU with Rajasthan Government

Thursday, 11 Jul 2013
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The Rajasthan Government and Hindustan Petroleum Corporation (HPCL), will formally sign an MoU to set up a refinery at Pachpadra.


The agreement will be signed to form a JV - 'HPCL Rajasthan Refinery Limited' - for the proposed project. The JV company will oversee construction of the refinery and later its commissioning and operations.


The board, which will be constituted in the company, will have members of the Union Government and independent directors apart from nominees from both, state government and HPCL.


HPCL will hold 74 per cent share while Rajasthan Government will own 26 per cent stake in the JV company. However, in the near future, any party will be free to dilute some of its shares and bring new investors into the company.


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