Government moots selling HPCL to ONGC for Rs 29,000 crore by December to create giant oil PSU

Government moots selling HPCL to ONGC for Rs 29,000 crore by December to create giant oil PSU

The government is said to be planning to combine the state-run refiner Hindustan Petroleum Corp Ltd with the giant oil explorer Oil and Natural Gas Corp by December this year by selling its 51.1% stake in the former to the latter for $4.5 billion (about Rs 29,000 crore), ET Now reported citing wire reports, which in turn cited unidentified sources.

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