Hindustan Petroleum Corporation (HPCL) intends to establish new subsidiaries for its renewable energy and lubricants businesses, a move that its CEO claims will help the state-owned oil marketing firm unlock value, expand its balance sheet, and generate new revenue streams.

"Our board has approved the formation of a wholly-owned subsidiary for our green businesses," HPCL chairman and managing director Pushp Kumar Joshi said.

The company's solar, wind, biofuels, and compressed biogas businesses will be included. "Once this company stabilises," Joshi said, "we can look at unlocking value through joint ventures or collaborations."

HPCL aspires to become an integrated energy major, offering products across multiple categories.