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:
“History has neither the venerableness of antiquity, nor the freshness of the modern. It does as if it would go to the beginning of things, which natural history might with reason assume to do; but consider the Universal History, and then tell us,—when did burdock and plantain sprout first?”
—Henry David Thoreau (1817–1862)
“Psychology keeps trying to vindicate human nature. History keeps undermining the effort.”
—Mason Cooley (b. 1927)
“If you look at history you’ll find that no state has been so plagued by its rulers as when power has fallen into the hands of some dabbler in philosophy or literary addict.”
—Desiderius Erasmus (c. 1466–1536)