Finance Minister Arun Jaitley to lead panel on HPCL-ONGC merger
DSIJ Intelligence / 25 Jul 2017
Oil Minister Dharmendra Pradhan has informed that Finance Minister Arun Jaitley will be heading the three-member ministerial panel to oversee and expedite the sale of government stakes in oil refiner HPCL to ONGC
Oil Minister Dharmendra Pradhan has informed that Finance Minister Arun Jaitley will be heading the three-member ministerial panel to oversee and expedite the sale of government stakes in oil refiner HPCL to ONGC, reported a national news agency on Tuesday.
Pradhan also stated that post-merger, all refining units of ONGC will be accumulated under HPCL, making it India’s third largest oil refiner after Indian Oil Corp (IOC) and Reliance Industries.
"For overseeing this transaction, CCEA approved setting up of an alternative mechanism, headed by Finance Minister, which will help in taking a quick decision with regard to the timing, price, terms and conditions and other related issues," he said.
Nitin Gadkari, the Minister for Road Transport and Highways and Oil Minister Dharmendra Pradhan will also be part of the ministerial panel.
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