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HPCL-MRPL merger next year; not right time for OVL listing, says ONGC chief

The largest hydrocarbon producer in India has lined up capital expenditure of Rs 32,921 crore during the financial year 2019-20, compared to Rs 29,449 crore during the previous fiscal

Shashi Shanker
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"We looked at a proposal for listing of OVL by the government and have informed them that this is not the right time,” Shashi Shanker, Chairman and Managing Director, ONGC

Shine Jacob New Delhi
State-run Oil and Natural Gas Corporation (ONGC) said on Friday the proposed merger of its subsidiaries, Hindustan Petroleum Corporation (HPCL), and Mangalore Refinery and Petrochemicals (MRPL), would happen next year.

The largest hydrocarbon producer in India has lined up a capital expenditure of Rs 32,921 crore during 2019-20, compared to Rs 29,449 crore during the previous financial year. 

Addressing the media after the company’s annual general meeting, Chairman and Managing Director Shashi Shanker said: “The proposed merger is in progress and will happen next year. We will appoint a consultant soon.” The plan to bring the refining and marketing business of ONGC

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First Published: Aug 30 2019 | 6:54 PM IST

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