Dipam keeps ball rolling for HPCL stake sale

ONGC, which is buying govt's stake, will sell its own holding in IOC and GAIL, and raise Rs 25,000 cr from market to finance the deal

The Department of Investment and Public Asset Management (Dipam) has kicked off the process of sale of government stake in Hindustan Petroleum Corporation (HPCL) by appointing consultants and sending an information memorandum to the buyer, state-run Oil and Natural Gas Corporation (ONGC) said on Tuesday.  

“We have received an information memorandum regarding the sale of government stake from Dipam yesterday (Tuesday). The deal is set to happen in FY18 only,” said Shashi Shankar, chairman and managing director, ONGC. 

While Dipam has appointed Citibank and SBI Caps as consultants for the deal, Dipam has entrusted the consultancy itself to JM Financials. On