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Hindustan Petroleum Corporation Ltd (HPCL) has been accorded the status of a ‘Maharatna’, said a statement from the Ministry of Heavy Industries and Public Enterprises.
As a ‘Maharatna’, the HPCL Board can now incur capital expenditure on purchase of new items or for replacement without any monetary ceiling. The company is also free to enter into joint ventures or strategic alliances.
The Ministry of Petroleum and Natural Gas had proposed granting HPCL this status on June 13, 2019.
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