HPCL takes over two closed sugar mills

Hindustan Petroleum Corp. Ltd. (HPCL) took over two closed sugar mills at Sugauli and Lauriya in East and West Champaran in the Indian state of Bihar and inked a tripartite Memorandum of Understanding with the Bihar State Sugar Corp. Ltd. and Bihar government for the mills’ revival, with HPCL investing Rs10 billion (US$204.3 million) in Bihar in the next three years. HPCL Chief Managing Director Arun Balakrishnan called it a “groundbreaking decision.” The two mills will be made operational in 18 months and a maximum of 24 months. A large oil terminal at Bihta in the Patna district also will be built at a cost of Rs2.5 billion (US$51.07 million) to address oil shortage problems in the country. (January 19, 2009)