“The HPCL Board had a few weeks ago approved the investment proposal but due to the General Elections it was not implemented. The board was yesterday informed of the decision to go ahead with the investments,” HPCL said.
“We are now tendering for plant equipment and the two units would be operational by 2010-end.”
In 2008, HPCL had taken the two closed sugar mills from the Bihar government on a 60-year lease for INR950 million.
HPCL had bid for three but received two plants. Reliance Industries received one. Rollcon Projects and S S Infrastructure of Darbhanga managed one mill each.
