Hindustan Petroleum Corporation Limited (HPCL) has issued a clarification regarding a news item about a potential collaboration with Castrol India to develop a Re-Refined Base Oil ecosystem in India. HPCL confirms it has signed a non-binding Memorandum of Understanding with Castrol India for this purpose. However, the company states that the news article does not have regulatory or legal implications and the partnership’s impact will be evaluated.
HPCL Responds to Collaboration News
Hindustan Petroleum Corporation Limited (HPCL) is addressing speculation around its partnership with Castrol India. The response follows a news article that detailed a possible collaboration to develop a Re-Refined Base Oil ecosystem within India.
Details of the Agreement
HPCL confirms that it has signed a non-binding Memorandum of Understanding (MoU) with Castrol India Limited. The intent of the MoU is to explore the development of a Re-Refined Base Oil ecosystem in India. This arrangement establishes a framework for future discussions and assessments between the two companies. This MoU does not have an immediate impact on HPCL’s operational or financial standing.
Impact on Trading
According to HPCL’s statement, there is no information or announcement that would significantly affect the trading of the company’s scrips. The company stated that fluctuations in share prices are due to market conditions.
Regulatory and Legal Implications
HPCL clarifies that the news article and the MoU do not relate to any regulatory or legal proceedings. Therefore, the disclosure has no material impact on the company.
Source: BSE
