ONGC board approves HPCL takeover of 51.11% stake

The board of state-owned Oil and Natural Gas Corp, ONGC, has given ‘in-principle’ approval to acquire government’s 51 (point) 11 percent stake in Hindustan Petroleum Corp Ltd. The government had approved the sale of its 51.11 percent stake in oil refiner HPCL to India’s largest oil producer ONGC. The deal will be completed within a year.

The government had also constituted a committee headed by Finance Minister Arun Jaitley and comprising oil minister Dharmendra Pradhan and road minister Nitin Gadkari to work out the modalities of the sale. Jaitley had in his Budget for 2017-18 talked about creating an integrated oil behemoth.
Important Takeaways from Above News-
  • HPCL is a Government of India Enterprise with a Navratna Status, and a Forbes 2000 and Global Fortune 500 company. 
  • Dinesh K Sarraf is the Chairman & Managing Director (CMD) of Oil and Natural Gas Corporation Limited (ONGC).
  • Registered Office & Corporate Headquarters of HPCL is in Mumbai.
Source- Business Standard

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