Oil Minister says ONGC sent proposal to acquire HPCL
DSIJ Intelligence / 19 Jul 2017
Oil and Natural Gas Corporation (ONGC) has been sent a proposal to acquire Hindustan Petroleum Corporation Ltd. (HPCL).
On Wednesday, Oil Minister Dharmendra Pradhan, while speaking in the parliament, has said that the Oil and Natural Gas Corporation (ONGC) has been sent a proposal to acquire Hindustan Petroleum Corporation Ltd. (HPCL).
He also said that the Oil Ministry is working on the in-principle approval to ONGC’s plan for HPCL acquisition.
Both HPCL and ONGC advanced on merger talks during Wednesday’s trade on the BSE.
At Rs 163 per share, ONGC was trading up by Rs 1.25 or 0.77% and HPCL was trading at Rs 376.50 per share, up by Rs 7.75 or 2.10% as at 1434 hours on Wednesday, on the BSE.
Meanwhile, the S&P BSE Oil and Gas index was trading up by 0.50% at Rs 13908.68.
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