HPCL intends to establish new subsidiaries for green energy and lubricants

6 Sep 2023 , 10:30 AM

In order to unlock value, grow the balance sheet, and create new revenue streams, Hindustan Petroleum Corporation (HPCL) intends to establish new subsidiaries for both its renewable energy companies and lubricants businesses.

‘Our board has approved the formation of a wholly-owned subsidiary for our green businesses,’ said Pushp Kumar Joshi, chairman and managing director of HPCL, to ET.

The firm will incorporate its companies in solar, wind, biofuels, and compressed biogas. We can consider value unlocking through joint ventures or collaborations after this company stabilizes, according to Joshi.

We also intend to create a distinct subsidiary just for our lubricants business and explore additional demerger or listing opportunities, the executive said. We want to create value in this industry because we are the leading lube marketer in India and own a lube refinery.

As an integrated energy giant with a wide range of goods, HPCL wants to establish itself.

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