There’s a spanner in the works in the ONGC- HPCL deal.
Sources tell ET Now that the Oil Ministry had two-three weeks ago expressed valuation concerns regarding the deal, that aims to create a big oil behemoth. “The valuation process should have been done by December end, however, deal contours and availability of funds with ONGC are a worry for the deal to go through in FY18.” a source added.
The ONGC-HPCL deal is crucial for the government as it is expected to bring over Rs 30,000 crore to New Delhi’s coffers in a year where uncertain tax revenues is increasing the risk of fiscal deficit slippage. Read More…
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