Hindustan Oil Exploration Company

HPCL was incorporated in 1974 after the takeover and merger of erstwhile Esso Standard and Lube India Limited by the Esso Act 1974. Caltex Oil Refining Ltd. was taken over by the Government of India in 1976 and merged with HPCL in 1978 by the CORIL-HPCL Amalgamation Order 1978. Kosan Gas Company was merged with HPCL in 1979 by the Kosangas Company Acquisition Act 1979.

In 2003, following a petition by the Centre for Public Interest Litigation , 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.HPCL has been steadily growing over the years. The refining capacity increased from 5.5 million metric tonnes in 1984/85 to 14.80 million metric tonnes as of March 2013. On the financial front, the net income from sales/operations grew from ?2687 crores in 1984–1985 to ?2,06,529 crores in the financial year 2012–2013. During FY 2013–14, its net profit was ?1740 crores. HPCL Profit for FY 2021-22 at ? 6,383 crore, Highest ever Revenue of ? 3,72,642 Crore up by 38% The year 2021-22 has been a remarkable year with world economies recovering back strongly from the lows of Covid Pandemic on improved vaccine coverage and adoption of covid appropriate behavior.