HPCL, Mittal to invest $ 3 billion in setting petchem complex in Bhatinda.
Lakshmi N Mittal and their state-owned partner Hindustan Petroleum Corporation Limited (HPCL) are all set to invest $ 3 billion in setting up a petrochemical complex at their Bhatinda refinery in Punjab.

HPCL-Mittal Energy Ltd. (HMEL) a joint venture between HPCL and Mittal Energy Investments Pvt.Ltd., Singapore, plans to set up an up to 1.7-million tonne naphtha cracker unit to produce basic raw material that goes into making of plastics. The plant which will initially start at 1.2 million tonne naphtha cracker will be expandable upto 1.7 million tonne later.

This will be HPCL's first petrochemical plant in Northern India. The company has refineries in Mumbai and Visakhapatnam. HPCL and steel baron Mittal are equal partners in the Bhatinda refinery in Punjab. HPCL and Mittal Investment Sarl hold 48.94 per cent stake each in HMEL while the balance is with financial institutions.

HMEL had also plans to expand Bhatinda refinery capacity further to 10 mt, but Surana did not speak on the same. HPCL is investing Rs 45,000 crore by 2020 for expansion of its Mumbai and Visakhapatnam refineries as well as augmenting its marketing infrastructure. The investments will also help the company produce "products confirming to Euro VI" emission specification, HPCL Chairman and Managing Director M K Surana said.