In a move to break the impasse over the shareholding of Hindustan Petroleum Corporation Ltd (HPCL) in ONGC-owned Mangalore Refineries Pvt Ltd (MRPL), the government has decided to ask HPCL to bring down its stake from the existing 17 per cent to below 15 per cent.
A senior government official said the negotiated deal would have to be completed before the privatisation of HPCL took place later this year.
The decision was taken at a recent meeting between the disinvestment and the petroleum ministries. ONGC had been given the option of buying out HPCL
