ALSO READConsolidation in petroleum sector: Why bigger is better for oil companies ONGC keen to buy govt stake in refiner HPCL: Dharmendra Pradhan Govt, ONGC gain from HPCL stake sale HPCL joins talks to buy 49% stake in Russia's Vankor Cluster oil fields Oil ministry intensifies monitoring of ONGC, OIL fields to avoid slippages
The Centre has decided to set up a panel headed by Finance Minister Arun Jaitley to expedite the sale of government's stake in refiner Hindustan Petroleum Corp (HPCL)
The panel "will help in taking quick decision with regard to the timing, price, terms and conditions and other related issues to the transaction," Pradhan told lawmakers in a statement.
Pradhan reiterated that the integration of the two companies will be completed in the current financial year (FY).
Post-acquisition by ONGC, HPCL can still retain its brand identity, he said.
The acquisition will help create a vertically integrated 'oil major' with a presence across the hydrocarbon chain.
ONGC's margins have been hit by falling oil prices while improved gross refining margins and rising local fuel sales have help boost profits of HPCL.