HPCL PAYS Rs. 173.08 CRORE AS EQUITY DIVIDEND TO GOVERNMENT

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Shri M.B. Lal, Chairman and Managing Director of Hindustan Petroleum Corporation Limited presented a cheque of Rs. 173.08 crore to Shri Ram Naik, Minister of Petroleum & Natural Gas, representing 100% equity dividend from the Corporation to the Government for the Financial Year 2001-02. Shri Lal apprised the Minister on the occasion that HPCL recorded a turnover of Rs. 45286 crore for the Financial year 2001-02 and profit after tax of Rs. 787.97 crore. He further stated that the Corporation’s net worth stands at Rs. 5897 crore and during the Financial year the contribution to the exchequer from HPCL was over Rs. 11,240 crore.

Shri Lal further stated that the dismantling of APM and change over to market determined pricing has brought in increased competition between the PSUs as well as private companies in the oil sector. The Corporation would focus on providing value-added services to customers through automation and upgradation of facilities. The Corporation has initiated a process of continuous innovation and marketing initiatives to achieve growth in turnover and profit. Strong fundamentals and committed employees of the Corporation would enable to meet the challenges ahead.