HPCL board approves Rajasthan refinery project

Hindustan Petroleum Corp Ltd (HPCL) has approved the incorporation of a joint venture company to set up Rs 37,320 crore oil refinery and petrochemical complex in Rajasthan.

HPCL board in its meeting on April 24 at Jaipur 'approved formation of a joint venture company for Rajasthan Refinery at Barmer',

HPCL will hold 74 per cent stake in the nine million tonne a year refinery with Government of Rajasthan taking 26 per cent. The unit is planned to go on stream in four years.