HPCL earmarks Rs 20,900 cr for expansion, to add 500 outlets

State-owned oil marketing company Hindustan Petroleum Corporation (HPCL) Limited (HPCL) is looking to strengthen its retail and refining infrastructure as it believes that business expansion will help the company improve its margins by USD 2-3 billion.

In an interview with CNBC-TV18, MK Surana, CMD of HPCL said that it will bring in better operational efficiency to improve its gross refining margins (GRMs) going ahead and will maintain GRMs if there is an upward stability in crude.

On the capex front he said that the company has earmarked Rs 20,900 crore for its Visakhapatnam refinery expansion and plans to add another 500 outlets this year. Watch video for more.