Indian Oil Corp sees more synergy in buying PSU rivals than oil producers

Indian Oil Corp sees more synergy in buying PSU rivals than oil producers

It would make more sense for Indian Oil (IOCL), the country’s biggest refiner, to acquire rival Bharat Petroleum or Hindustan Petroleum or natural gas marketing company GAIL (India) than a producer like Oil India as part of the government’s plan to create a major state-owned energy company , the finance chief of IOCL said.

“Broadly , there are just two potential acquirers -Oil & Natural Gas Corp. and Indian Oil -and there are four potential targets -BPCL, HPCL, GAIL and Oil India,“ AK Sharma, director (finance) of Indian Oil, told ET in an interview, while analysing combinations. “It’s all very hazy right now. The government will take a final call on who should merge with whom.“ Read More…

 

Credit By : ET Energy World

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