Bangalore: HPCL-Mittal Energy (HMEL) is likely to hit the capital market with an initial public offering (IPO) next year. HMEL is a joint venture between Hindustan Petroleum Corporation and Mittal Energy Investment, Singapore, which is a Lakshmi N Mittal Group Company. Both HPCL and Mittal Energy hold stake of 49 percent each in the company, while the financial institutions hold the rest 2 percent, as per the company's website. HMEL is building a Grassroot oil refinery of 9 MMTPA at Bathinda in Punjab, called Guru Gobind Singh Refinery Project. The refinery will produce petroleum products complying with Euro IV emission norms with Captive Power Plant for 165 MW and Crude Oil pipeline from Mundra (Gujarat) to Bathinda with Single Point Mooring (SPM) and Crude Oil terminal at Mundra. For the year ended 31st March 2009, Hindustan Petroleum's sales/income from operations went up to 1,31,802.65 crore from 1,12,098.27 crore during the same period for the previous year. However, the company's profit went down to 712.23 crore from 1,108.67 crore for the year ended 31st March 2008.