India is expected to see entry of several international oil majors in the short-to-medium term, with more state-owned and private sector companies are said to be drawing up plans to divest stakes in their refinery & petrochemical and fuel retail businesses, industry analysts have said.
State-owned Oil and Natural Gas Corp (ONGC), India’s largest oil and gas producer, is said to be planning to divest its stake, partially or fully, in either Hindustan Petroleum Corp (HPCL) or Mangalore Refinery and Petrochemicals Ltd (MRPL) – both its subsidiaries.
The Narenedra Modi-led Indian cabinet has already given the go ahead to privatise state-owned Bharat Petroleum Corp (BPCL) by divesting government’s 53.29 percent equity stake in the company. Read More
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