Decks are cleared for the ONGC-HPCL merger with the Cabinet giving the go-ahead on Wednesday. While the government mops up roughly Rs 26,000 crore, or 40 per cent of its FY18’s disinvestment target, ONGC-HPCL will now have presence in the entire value chain.
India has approved the sale of a stake in state-run refiner Hindustan Petroleum Corp Ltd (HPCL) to the country’s biggest oil and gas explorer, according to a person with knowledge of the decision.
In line with government’s intention to create an integrated energy company with interests in exploration, production, refining and marketing of the fuel in both India and abroad, the he Union Cabinet on Wednesday gave an in-principle approval to the proposed acquisition of government’s 51.1% stake in Hindustan Petroleum Corporation (HPCL) by Oil and Natural Gas Corporation (ONGC), paving the way for an Indian oil and gas giant.
The Narendra Modi government’s aggressive disinvestment drive augurs well for the economy to stay on the path of fiscal prudence and recovery.
ONGC has sent a proposal to acquire HPCL and the Petroleum Ministry is working on in-principle approval to the plan, Petroleum Minister Dharmendra Pradhan said on Wednesday. It was earlier reported that the merger plan was on Union Cabinet’s agenda for the day, following Pradhan’s recent comments where he expected the merger to be completed […]
Bharat Petroleum Corporation chairman D Rajkumar today exuded confidence that the proposed Rs 2-trillion mega refinery in the ecologically sensitive Konkan belt will get green nod and hopes to complete the world’s largest refinery complex in four years.
ONGC’s proposed Rs 29,000-crore acquisition of the government’s entire 51% equity stake in HPCL will likely be discussed at the Union Cabinet meeting later today, newspapers reported citing unidentified sources.
Acquisition of government stake in HPCL by ONGC wouldn’t bring much synergy benefits to the two companies but would, instead, result in the weakening of high-performance culture at the target company, Ambit Capital has said in a report.
Acquisition of government stake in HPCLby ONGC wouldn’t bring much synergy benefits to the two companies but would, instead, result in the weakening of high-performance culture at the target company, Ambit Capital has said in a report.
Union Petroleum Minister Dharmendra Pradhan on Monday said public sector oil companies have decided to set up an integrated refinery-cum-petrochemical complex with a refining capacity of 60 million metric tonnes per annum (mmtpa) at an estimated cost of Rs 2.70 lakh crore at Babulwadi in Maharashtra.