Oil and Natural Gas Corp (ONGC), and not the government, is the promoter of Hindustan Petroleum Corp, Oil Minister Dharmendra Pradhan has clarified following confusion over who the real promoter of the state-run refiner was.
ONGC paid Rs 37,000 crore to buy the government’s entire 51.11% stake in HPCLNSE -0.41 % earlier this year but the latter has refused to recognize the state-run explorer as its promoter in public filings. In the company’s shareholding details submitted to the stock exchanges, HPCL has listed the President of India as the promoter with zero share in the company while ONGC is listed as ‘public shareholder’.
“Today it’s ONGC. Don’t go into technicality. ONGC has invested in it (HPCL),” Pradhan replied to a query on who the HPCL’s promoter was. Read More
Latest posts by The Economic Times (see all)
- India presses OPEC for responsible pricing of oil - October 17, 2018
- ArcelorMittal Ready To Clear Uttam Galva, KSS Petron Debt For Essar Steel Bid - October 17, 2018
- OPEC, Allies Yet To Hike Output By One Million Barrels Per Day: Oil Minister - October 17, 2018