The Public Sector exploration giant Oil and Natural Gas Corporation (ONGC) has got the consent for acquiring controlling stake in fellow PSU Hindustan Petroleum Corporation Ltd (HPCL). The transaction will be for Rs36,915 crore.
According to a statement issued by ONGC, it has entered into a share purchase agreement with the President of India for acquiring the shares of HPCL (representing 51.11% of HPCL). This acquisition is in line with the government’s objective to combine the Central Public Sector Enterprises to give them the capacity to bear higher risks and avail themselves of economies of scale.
Static/Current Takeaways Important for Syndicate Bank PO 2018 Exam-
- Chairman & Managing Director of ONGC- Shashi Shanker, Headquarters- Uttarakhand.
- Chairman and Managing Director HPCL- M.K.Surana, Headquarters- Mumbai, Maharashtra.
Source- The Hindu Business Line