Modi Steps In To Speed Up Giant Oil PSU Plan? Cabinet Nod For HPCL, ONGC Merger Likely By August

Modi Steps In To Speed Up Giant Oil PSU Plan? Cabinet Nod For HPCL, ONGC Merger Likely By August

The Prime Minister’s Office is apparently unhappy with the slow pace of movement on the proposed amalgamation of the state-run refiner Hindustan Petroleum Corp Ltd with the giant oil explorer Oil and Natural Gas Corp, a move towards the government’s ambition to create a giant energy PSU of the global scale.
The PMO, however, is firm on merging the two oil companies, ET Now reported on Thursday citing an unnamed oil ministry official. Further, in order to move ahead with the plan, the government will likely secure the Union Cabinet approval for the proposed merger by mid-August, the report said. HPCL shares rose on the news, and were trading up 1.22% at Rs 519. Read More…

 

Credit By : The Financial Express

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