Cabinet likely to discuss stake sale of HPCL to ONGC for more than Rs 28,000 crore
DSIJ Intelligence / 19 Jul 2017
The central government, on Wednesday, is likely to consider the sale of government's 51.11% equity stake in Hindustan Petroleum Corporation Limited (HPCL) to Oil and Natural Gas Corporation (ONGC) for more than Rs 28,000 crore.
The central government, on Wednesday, is likely to consider the sale of government's 51.11% equity stake in Hindustan Petroleum Corporation Limited (HPCL) to Oil and Natural Gas Corporation (ONGC) for more than Rs 28,000 crore.
The Public Asset Management (DIPAM), Ministry of Financeand Department of Investment has moved the proposal for consideration of the Cabinet Committee on Economic Affairs (CCEA), as reported by a national news agency.
HPCL will, however, not be merged with ONGC. It will remain a separate entity and operate as ONGC's subsidiary.
23.8 million tonnes of annual oil refining capacity will be added by HPCL to ONGC's portfolio, making it the third-largest refiner in the country, after IOC and Reliance Industries.
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