Govt approval for ONGC to acquire HPCL
has received the Information Memorandum from the Department of Investment and Public Asset Management for acquiring majority stake in fellow public sector undertaking HPCL.
ONGC Chairman & MD, Shashi Shankar, said, “This process is on. Only on November 1, we have received this Information Memorandum and that is the stage we are in.”
ONGC’s acquisition of 51.11 per cent stake in HPCL is in line with the government’s plan to create an integrated energy major with businesses spread across the hydrocarbon value chain. The government has set the deadline to complete the ONGC-HPCL deal in the current financial year.