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The Cabinet Committee on Economic Affairs had given in-principle approval for the strategic sale on July 19 last year.
The government's non-tax revenue is hugely dependent on the deal. As on January 2, total disinvestment proceeds for 2017-18 stood at Rs 538 billion against the target of RS 725 billion set by Finance Minister Arun Jaitley. If the ONGC-HPCL deal works out, this will be first time since 2009 that the government would be surpassing the disinvestment target.