Govt ap­proval for ONGC to ac­quire HPCL

Chemical Industry Digest - - News & Views -

ONGC

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.

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