HPCL-Mittal Energy Limited (HMEL) will invest about Rs 50 billion to increase the capacity of the Guru Gobind Singh Refinery located in Punjab to 18 mtpa and set up a petrochemical complex. HMEL is a JV between Hindustan Petroleum Corporation Limited (HPCL) and Mittal Energy Investments Private Limited, Singapore. HPCL and Mittal Energy Investments hold a 49 per cent stake each in the refinery, with financial investors owning the rest. HMEL will be funding the expansion through a combination of equity and debt syndication by banks. The company is currently expanding the capacity of the refinery from 9 mtpa to 11.2 mtpa. Once this target is met, the capacity will be raised to 18 mtpa. The petrochemical complex will include a new naphtha cracker plant. Engineers India Limited (EIL) is preparing the feasibility report for the refinery’s expansion and the petrochemical unit.