ONGC Approves Proposal To Explore Restructuring Of Group Companies


ONGC  Approves Proposal To Explore Restructuring Of Group Companies

The Board of Directors of Oil and Natural Gas Corporation Limited (ONGC), at the 308th meeting held on 29.06.2018, accorded its in-principle approval for exploring options for restructuring of ONGC group companies.

Hon’ble Minister of Finance, Government of India, in the budget 2017-18, had announced the proposal for creating public sector ‘oil major’ which will be able to match the performance of international and domestic private sector oil and gas companies. Keeping in view the internal strategic plan duly aligning with the said proposal of the Government of India, ONGC acquired 51.11% in the equity capital of Hindustan Petroleum Corporation Limited (HPCL) from Government oflndia on 31.01.2018, and thereby HPCL has become another listed subsidiary of ONGC, in addition to Mangalore Refinery and Petrochemicals Limited (MRPL).

The restructuring proposal shall safeguard the overall interest of the public shareholders of all ONGC group companies and would be famed up after taking into account the following: Read More

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