HPCL, GSPC deals to hit oil PSU dividends in FY18 by at least 17%

India’s largest hydrocarbon producer, Oil and Natural Gas Corporation (ONGC), has told the government it will not raise the dividend payout for 2017-18.
 
The reason is that it had to go for two major deals, both on government order. Of acquiring a majority stake in Hindustan Petroleum Corporation (HPCL) and Gujarat State Petroleum Corporation’s (GSPC’s) KG basin gas block.
 
According to multiple sources, this would mean a cut of about 17 per cent on the dividend collected from petroleum companies, to Rs 145 billion in 2017-18 from Rs 175 billion in 2016-17.
 
“ONGC has informed the finance