Oil Minister Dharmendra Pradhan on Monday cited the four-decade old Nationalisation Act to justify exempting ONGC from making an open offer after acquiring the government’s 51.11 per cent stake in HPCL.
India could see more integration among state oil companies, its oil minister said on Monday, following top producer ONGCBSE 3.28 %’s $5.8 billion deal last week to buy a majority stake in refiner Hindustan Petroleum Corp Ltd.
However, ONGC chairman and managing director Shashi Shankar said that borrowing will be the final option before the board to finance the deal
HPCL may acquire Mangalore Refinery and Petrochemicals Ltd in a cash and share- swap deal to become India’s third-largest oil refiner, a top official said. Oil and Natural Gas Corp (ONGC), India’s biggest oil and gas producer, last week announced acquisition of HPCL for Rs 36,915 crore. After this takeover, ONGC has two refining subsidiaries […]
Flagship explorer ONGC will retain Hindustan Petroleum as an independent group arm and continue with the company’s brand after acquiring the government’s stake in the country’s third-largest state-run refiner-retailer.
Public sector upstream giant Oil and Natural Gas Corp (ONGC) has decided to increase its borrowing limit from Rs 25,000 crore to Rs 35,000 crore in order to fund the acquisition of Hindustan Petroleum Corporation (HPCL) for which it has agreed to pay Rs 36,915-crore to the government.
Following the announcement of the sale of the government’s equity share-holding in Hindustan Petroleum Corporation Limited (HPCL), Oil and Natural Gas Corporation(ONGC) Chairman and Managing Director (CMD) Shashi Shanker said the designated Rs 36,915 crore was well within recommended limits.
Oil and Natural Gas Corporation (ONGC), India’s first to be fully integrated ‘Oil Major’, will will benefit from an increased appetite for overseas acquisitions post the Rs 36,915 crore acquisition of state-run fuel retailer Hindustan Petroleum (HPCL), Chairman and Managing Director Shashi Shanker said.
Oil & Natural Gas Corporation will use a mix of debt, cash reserves and proceeds from a planned sale of stakes in IndianOil and GAIL to fund its acquisition of Hindustan Petroleum Corporation, the chairman of India’s largest oil explorer said. ONGC needs to pay Rs 36,915 crore for the government’s 51.11% stake in HPCLBSE […]
Following the announcement of the sale of the government’s equity share-holding in Hindustan Petroleum Corporation Limited (HPCL), Oil and Natural Gas Corporation (ONGC) Chairman and Managing Director (CMD) Shashi Shanker said the designated Rs 36,915 crore was well within recommended limits.