ONGC Gets Government Nod for Acquiring HPCL

ONGC has received the Information Memorandum from the Department of Investment and Public Asset Management for acquiring the majority stake in fellow public sector undertaking HPCL.

ONGC’s acquisition of 51.11 percent stake in HPCL is in line with the government’s plan to create an integrated energy major with businesses spread across the hydrocarbon value chain.
Important Takeaways from Above News for IBPS PO Mains Exam-
  • ONGC stands for Oil and Natural Gas Corporation Limited.
  • Shashi Shankar has been recently appointed CMD of ONGC.
Source- The Hindu Business Line