Hindustan Petroleum Corporation (HPCL), an Indian state-owned oil marketing company, has announced that at the company's meeting held on Sep. 29, 2015, the board of directors have approved Rs. 42 bn capacity expansion project of the Mumbai refinery.

The company said, "The board of directors of the company have approved the proposal for implementation of Mumbai refinery capacity expansion from 7.5 MMTPA to 9.5 MMTPA - Phase I at an estimated total cost of about Rs. 42 billion.

The capacity expansion work is expected to complete within 36 months from the date of Environmental Clearance.

Shares of the company gained Rs 10.1, or 1.32%, to settle at Rs 774.60. The total volume of shares traded was 153,472 at the BSE (Wednesday).