Oil major Hindustan Petroleum Corporation Ltd (HPCL) has notified that the company has formed a subsidiary Company christened ‘CREDA - HPCL Biofuels Ltd’ in association with Chhattisgarh State Renewable Energy Development Agency (CREDA).

Both partners constituted the latest subsidiary for the development of renewable energy sources in the state of Chhattisgarh for the purpose of cultivation of Jatropha Plants for the production of bio-diesel.

HPCL ended the day at Rs 228, up 4% compared to its previous close of Rs 220.