India’s state-run Oil and Natural Gas Corp will take control of Hindustan Petroleum Corp as part of the government’s plan to create an integrated public sector oil entity, the Economic Times daily reported on Monday citing top government officials.
India plans to create a giant oil company by combining state-owned firms, finance minister Arun Jaitley said in the budget speech earlier this month as the world’s third largest oil consumer looks to better compete with global majors in acquiring foreign assets.
“It is a very big decision. A cabinet note will soon be moved. The government of India will transfer its majority shareholding (of 51.11 percent in HPCL) to ONGC, which will then become the holding company of HPCL,” the paper wrote citing one of the officials. Read More…
Credit By : Newindianexpress.com
Latest posts by newindianexpress.com (see all)
- Andhra Pradesh power substations to be automated with Power Grid Corporation of India’s help - October 14, 2019
- Thermal power units gasping for coal - October 11, 2019
- All eyes on national conference on power and renewable energy as PPAs top on agenda - October 11, 2019