Efforts are on to expand our products base, says CPCL MD
Chennai Petroleum Corporation Limited (CPCL) is planning to expand its product base following its elevation to Navratna status. The company is exploring value-added products like high-quality wax and white oil while conducting feasibility studies for refinery expansion.
Why it matters
The expansion reflects the strategic growth of Indian state-owned enterprises as they leverage increased financial autonomy to diversify their industrial output.
Rejoicing over its recent Navratna status and the increased financial cap, Chennai Petroleum Corporation Limited (CPCL) has begun efforts to expand its products base. “We are the only refinery in the country to make fuels, lubes, and wax. We are looking at the possibility of improving the quality of wax and bringing more lube variants,” said H. Shankar, managing director, CPCL.
Speaking to The Hindu, Mr. Shankar said that the company’s financial health is very strong and with the increased freedom of Navratna, it can expeditiously take proposals to the board.
“It is a nice time to start the process of moving towards new projects. We have the capability to absorb capex on our own and have the strength to borrow. Post COVID-19, every single employee of ours has been focussing on what we can do for the company. That is being reflected in both physical and financial performance.”
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in