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Tuesday, Sep 17, 2019

Cabinet allows ONGC to buy out govt stake in refiner HPCL

The Indian government owns 51.1% stake in HPCL.

business Updated: Jul 19, 2017 19:40 IST
Reuters
Reuters
Reuters, New Delhi
A technician is pictured inside a desalter plant of Oil and Natural Gas Corp (ONGC) on the outskirts of Ahmedabad.
A technician is pictured inside a desalter plant of Oil and Natural Gas Corp (ONGC) on the outskirts of Ahmedabad.(Reuters)
         

The Cabinet on Wednesday approved a plan to sell the government’s stake in state refiner Hindustan Petroleum Corp Ltd (HPCL) to explorer Oil and Natural Gas Corp (ONGC), a source said, in a bid to create oil giants to compete with global rivals.

The Indian government owns 51.1% stake in HPCL.

“ONGC has forwarded a proposal to acquire HPCL. Process for in-principle approval for this proposal has been initiated,” oil minister Dharmendra Pradhan told lawmakers earlier on Wednesday.

First Published: Jul 19, 2017 19:35 IST