Hindustan Petroleum Corp Ltd (HPCL) a subsidiary of Oil and Natural Gas Corp Ltd, is primarily engaged in the downstream petroleum sector. It also has upstream operations in India and Australia. The company's activities include refining and marketing of petroleum products, exploration and production of hydrocarbons, and manufacturing of sugar and ethanol. HPCL operates through two reportable segments: Downstream Petroleum and Others.

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HPCL has established the Green R&D Centre in Bengaluru, which is recognised by the Department of Scientific and Industrial Research. The centre is aimed at providing advanced technological support to marketing SBUs and refineries, achieving operational excellence, developing and adopting innovative technologies. The company has also undertaken key R&D and innovation projects such as the Vapor Recovery Unit based on indigenously developed HP-VRU technology, HP-MO2-IV (3TPD Medical Oxygen plant), and HiGAS Model-2 at Visakh Refinery. Additionally, the company has made advancements in catalyst & additives, nano and battery technology, refining technologies, bioprocess, process intensification and novel separations, petrochemicals and polymers, innovative process chemicals, and new product development. The company has filed 547 patent applications and has been granted 210 patents. The company has also developed several pipeline products such as specialty lubes/additives/products, and has major technology alliances with research institutions across the globe. In FY2024, the company incurred a research and development expenditure of INR961 million which was 0.025 of the company's total revenue and declined 11.9% YoY.