History
HPCL has steadily grown over the years. The refining capacity steadily increased from 5.5 million metric tonnes in 1984/85 to 13.00 million metric tonnes (MMT) now. On the financial front, the turnover grew from IN₹ 2687 crores in 1984-85 to IN₹ 1,31,802 Crores in Financial year 2008-09.
In 2012, HPCL's fourth quarter net profit jumped to 4631 Crores, which is four times more that the last year's net profit.
In 2003, following a petition by the Centre for Public Interest Litigation (CPIL), the Supreme Court of India restrained the Central government from privatizing Hindustan Petroleum and Bharat Petroleum without the approval of Parliament. As counsel for the CPIL, Rajinder Sachar and Prashant Bhushan said that the only way to disinvest in the companies would be to repeal or amend the Acts by which they were nationalized in the 1970s. As a result, the government would need a majority in both houses to push through any privatization.
Read more about this topic: Hindustan Petroleum
Famous quotes containing the word history:
“Psychology keeps trying to vindicate human nature. History keeps undermining the effort.”
—Mason Cooley (b. 1927)
“Don’t you realize that this is a new empire? Why, folks, there’s never been anything like this since creation. Creation, huh, that took six days, this was done in one. History made in an hour. Why it’s a miracle out of the Old Testament!”
—Howard Estabrook (1884–1978)
“The history of all countries shows that the working class exclusively by its own effort is able to develop only trade-union consciousness.”
—Vladimir Ilyich Lenin (1870–1924)