HPCL Continues To Not Recognise ONGC As Its Promoter


HPCL  Continues To Not Recognise ONGC As Its Promoter

Oil Minister Dharmendra Pradhan’s assertion notwithstanding, oil refiner Hindustan Petroleum Corp Ltd (HPCL) continues not to recognise ONGC, its majority owner, as its promoter company.

In a filing to stock exchanges on the company’s shareholding pattern as of the end of September, HPCL continues to list “President of India” as its promoter with “zero” per cent shareholding.

Oil and Natural Gas Corp (ONGC), which earlier this year bought the government’s entire 51.11 per cent stake in HPCL for Rs 36,915 crore, is listed a “public shareholder”, owning “77.88 crores” shares or “51.11 per cent” shareholding of the company. Calls made to HPCL Chairman and Managing Director M K Surana for comments went answered. Read more

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