The Narendra Modi government, which in its earlier term had proposed the merger of public sector oil companies, has decided to abort the idea amid an increase in oil imports and reduced domestic production.
Sources said there will be no mergers of oil PSUs in the immediate future after the marriage between the Oil and Natural Gas Corp (ONGC) and Hindustan Petroleum Corporation Ltd (HPCL) led to multiple problems. In January 2018, ONGC took over HPCL by buying out the entire 51.11 per cent stake that the government held for Rs 36,915 crore.
“The merger proposal has been put in the freezer for now,” a government official told The Print.
“The merger of ONCG and HPCL has not been smooth and at this point with an uncertain international scenario, there is little room for experiments,” the official added. Read More
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