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.

The Ministry of Petroleum and Natural Gas is learnt to be in favour of adopting a subsidiary model for combining the two oil PSUs instead of merging the companies, making ONGC the parent company of HPCL, the report said. However, the government will decide final model of combining in few months, it added. Read More…

 

 

 

Credit By: Financial Express

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