Oil and Natural Gas Corporation Ltd (ONGC) is not yet clear about the valuation of Hindustan Petroleum Corporation Ltd (HPCL), the oil marketing company it expects to acquire by around March next year.The country’s largest driller is working independently to arrive at a fair price for the deal.Shashi Shanker, chairman and managing director of ONGC, said that the “advisors are working on what amount needs to be shelled out for the acquisition”.
The deal, which was announced in July this year, has a proposed arrangement of ONGC acquiring 51.11% of government stake in HPCL, which is among the largest oil marketing companies in the country.This will also help the government raise funds by monetising its share in the companies and using the proceeds from the sale in social and other sectors. Read More…
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