Does HPCL have any overseas acquisition or expansion plans?
We had explored some markets like Fiji earlier, but the company we were targeting finally decided not to sell. We had looked at Africa also. We are open to a good opportunity. If we get a good one, we will move. Any acquisition could be on the fuel marketing side in developing countries like in Africa or South Asia. We would also like to make our lubricants a global brand by building a manufacturing presence in Dubai and Singapore. We already export our lubricants to the Gulf countries but now plan to put up lube blending plants in Dubai or Singapore. We have also identified some parties to whom we can outsource in Dubai. It was reported that Kingfisher Airlines had defaulted on some payments to HPCL. We have almost recovered our entire money and our business with them continues on the existing arrangement of advance payment for procuring aviation turbine fuel.
