Acquisition Amount Well Within Recommended Figures: ONGC CMD


Acquisition Amount Well Within Recommended Figures: ONGC CMD

Following the announcement of the sale of the government’s equity share-holding in Hindustan Petroleum Corporation Limited (HPCL), Oil and Natural Gas Corporation(ONGC) Chairman and Managing Director (CMD) Shashi Shanker said the designated Rs 36,915 crore was well within recommended limits.

Addressing a press conference here, the ONGC CMD said they are hopeful of completing the transaction by January end.

“While the date of payment has not been fixed yet, we are hoping to complete the transaction by the end of this month. We did increase the transaction limit to around Rs 35,000 crore, in order to facilitate greater flexibility. The numbers are well within limits,” he said.

Talking about the functioning of HPCL post the merger, Shanker said it will continue to function as an independent body and will function as designated. Read More…

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