HPCL has joined hands with Shree Renuka Sugars, one of the largest sugar firms in India, for setting up an Ethanol Plant in the southern belt of the State of Maharashtra, which is known for sugar mills. The Plant would be operated on the Brazilian mode of production i.e. more of Ethanol and less of sugar.

An MOU was signed on 11th Sept. 2008 at Mumbai by General Manager - O&D, Shri. Y.K. Gawali, on behalf of HPCL with Shri Narendra Murkumbi, MD - SRSL, in the presence of HPCL Chairman & Managing Director, Shri. Arun Balakrishnan, Director - Marketing, Shri. S. Roy Choudhury, Director - HR, Shri. Vizia Saradhi and other senior officials of HPCL and SRSL.