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State-owned Oil and Natural Gas Corp (ONGC) will hire investment bankers to assist it in acquiring government’s 51.11 per cent stake in Hindustan Petroleum Corp Ltd (HPCL).
The investment or merchant banker to be hired will be separate from the one the government is hiring to manage its disinvestment, a senior official said.
The board of ONGC on Monday gave “in principle approval” for acquisition of the government stake in HPCL, which at today trading price is worth about Rs 34,800 crore.
ALSO READ: ONGC board approves HPCL takeover, constitutes panel to examine acquisition