HINDUSTAN PETROLEUM CORP Share price

The Company was incorporated in the name of Standard Vacuum Refining Company of India Limited on July 5 1952 under the Indian Companies Act VII of 1913. The name was changed to ESSO Standard Refining Company of India Limited on March 31 1962. Subsequently it was changed to its present name Hindustan Petroleum Corporation Limited with effect from July 15 1974 by virtue of Lube India and ESSO Standard Refining Company of India Limited Amalgamation Order 1974 dated July 12 1974 passed by the Company Law Board Department of Company Affairs GOI New Delhi and as published in the Gazette of India Extra-Ordinary GSR No.320(E) dated July 151974. A certificate to this effect was issued by the Registrar of Companies Bombay on September 4 1974.After Nationalisation of ESSO undertakings in India in 1974 such ESSO undertakings were vested in Hindustan Petroleum Corporation Limited. With the nationalisation of Caltex Undertakings in India in the year 1976 the same were also taken over by the Government of India and subsequently merged with HPCL. The undertakings of Kosangas Company. Ltd. were merged with HPCL in 1979.As part of the disinvestment in PSUs shares of HPCL were sold by the Government to Financial Institutions Mutual Funds and Banks. Presently the Government holding in HPCL is 60.31%. The balance is being held by Financial Institutions Mutual Funds Banks Foreign Institutional Investors Employees and Individual Shareholders.Mangalore Refineries & Petrochemicals Ltd. (MRPL)---------------------------------------------------This is the first joint sector refinery being set up in the country after the Government has allowed entry of the private sector in the petroleum refining industry. The 3 mmtpa refinery at Mangalore is progressing as per schedule.MRPL plans to expand its capacity from 3 mmtpa to 9 mmtpa in stages for which the Company has already received a letter of intent from the Government of India.At the time of the Public Issue it was stated in the prospectus of MRPL that the plant is expected to commence commercial production by July 1 1996. The project implementation is proceeding as per schedule.Hindustan Oman Petroleum Company Ltd. (HOPCL)----------------------------------------------The GOI accorded Stage I clearance in February 1993 for setting up a 6 million tonnes per annum grassroot refinery on the West Coast of India. Subsequently in March 1993 an MOU was signed between the Government of India HPCL Government of Sultanate of Oman and Oman Oil Company to form a Joint Venture Company. Accordingly Hindustan Oman Petroleum Company Ltd. (HOPCL) was incorporated on March 41994. The Detailed Feasibility Report prepared with the help of M W Kellogg USA has been submitted to the Government of India on September 301994 for its approval which is awaited.The project is estimated to cost approx. Rs. 4426 crores (at June 1994 prices) and both promoters will have a 26% stake each in the equity.JVC with COLAS SA France--------------------------A Memorandum of Understanding has been was signed on May 241994 between HPCL and Colas S.A. France for implementing a project for setting up a Bitumen Emulsions plant. This was followed by execution of the Joint Venture agreement on November 25 1994. The estimated cost of the project is Rs. 9.50 crores. The plant when completed will have the capacity to produce 20000 tonnes of Bitumen Emulsions per annum. It is proposed to form a Joint Venture Company (JVC) in the name of ''Hindustan Colas Limited'' in the State of Maharashtra with equal equity participation from HPCL and Colas S.A. France.