HPCL-ONGC deal: Govt steps on the gas

Invites bids from consultants and law firms by August 10

Kicking off the process of stake sale in Hindustan Petroleum Corporation (HPCL), the department of investment and public asset management (Dipam) has started the process for selecting two consultants and a law firm.

“The government wants to complete the divestment within this year so the search for merchant bankers and legal advisors has begun,” said a person close to the development.

Interested parties have been asked to submit bids by August 10 for both the assignments.

The Cabinet Committee on Economic Affairs had on July 19 approved in principle the sale of government equity in HPCL, along with the transfer