The government will encourage ONGC, which acquired state-run HPCL at a huge cost of Rs 36,915 crore in a bid to help the government fulfil its disinvestment target, to sell the auto-fuels refiner and marketer in order to pare debt.
A day after the Cabinet decided to sell off the government’s entire stake in BPCL, officials said “ONGC will be encouraged to sell off HPCL or part of the firm if it so wants. However, that will be its own decision.”
The buyout in January 2018 had turned ONGC, a zero-debt company, into one with a debt load of Rs 21,593 crore by the end of 2018-19.
Interest payments also zoomed from Rs 2.79 crore in 2015 to Rs 2,492 crore as on March 31, 2019, or 893 times! Read More
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