The merger of two Oil and Natural Gas Corporation (ONGC) subsidiaries — Mangalore Refineries and Petrochemicals (MRPL) and Hindustan Petroleum Corporation (HPCL) — is unlikely to happen in FY19.
A source close to the development said, “At this pace, the deal is unlikely to happen in FY19. Neither the MRPL board has taken up the proposal nor a consultant has been appointed in this regard.” With this, it is almost certain the deal is unlikely to happen during the tenure of the current government, he said.
The government holds an 88.58 per cent stake in MRPL. Of this, ONGC holds 71.63 per cent, while HPCL has 16.96 per cent. Read more